PIF boss Yasir Al-Rumayyan to replace Al-Falih at Saudi Aramco
Governor of Public Investment Fund congratulated by former chairman HE Khalid bin Abdulaziz Al-Falih on new appointment
The world’s largest oil producer, Saudi Arabia's Saudi Aramco, has appointed HE Yasir Al-Rumayyan, advisor to the General Secretariat of the Council of Ministers and governor of the kingdom’s Public Investment Fund — chaired by HRH Prince Mohammed Bin Salman, Crown Prince, Deputy Prime Minister, and Minister of Defence of Saudi Arabia — as the chairman of Aramco's board of directors, replacing HE Khalid bin Abdulaziz Al-Falih, Minister of Energy, ahead of Aramco’s planned initial public offering (IPO).
Commenting on Al-Rumayyan’s appointment in an Arabic-language tweet, Al-Falih said: “I congratulate my brother HE Mr Yasser Othman Al-Rumayyan, governor of [PIF], on his appointment as chairman of the board of directors of Saudi Aramco, which comes as an important step to prepare the company for the public offering, wishing him every success.”
أهنئ أخي معالي الأستاذ ياسر بن عثمان الرميان، محافظ صندوق الاستثمارات العامة، بمناسبة تعيينه رئيسًا لمجلس إدارة أرامكو السعودية، والتي تأتي كخطوة مهمة لإعداد الشركة للطرح العام، راجيًا له كل التوفيق والنجاح.— خالد الفالح|Khalid Al Falih (@Khalid_AlFalih) September 2, 2019
A Bloomberg report citing a source familiar with the decision said Al-Rumayyan’s appointment would separate the Ministry of Energy from Saudi Aramco and help avoid conflicts of interest.
The move comes just days after the kingdom established the Ministry of Industry and Mineral Resources and the Ministry of Energy, effectively separating the existing Ministry of Energy, Industry, and Mineral Resources, following Royal Orders issued by the Saudi Arabian government.
As part of the decision, Bandar Ibrahim Abdullah Alkhorayef, a private-sector industrialist who has formerly held board- and executive-level roles at Alkhorayef Petroleum Co, Amaco, Saudi Finance House, Sama Airlines, and Arasco, was named Saudi Arabia’s Minister of Industry and Mineral Resources.