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Tuesday, 16 May 2017

Saudi Aramco Makes Leadership Changes Ahead of IPO Plans - Bloomberg

Saudi Aramco Makes Leadership Changes Ahead of IPO Plans - Bloomberg:

"Saudi Arabian Oil Co. has promoted eight executives to top positions, including a senior vice president for downstream operations, as it seeks to double refining capacity and expand natural gas and chemical businesses ahead of what could be the world biggest share sale.

The world’s largest oil exporter, known as Saudi Aramco, appointed two senior vice presidents, six vice presidents and two associate general counsels, according to an internal memo obtained by Bloomberg that was dated Sunday and signed by Chief Executive Officer Amin Nasser. The appointments are effective May 1. Saudi Aramco declined to comment, and the company website later confirmed the appointments of the two senior vice presidents.

Saudi Arabia plans to sell as much as 5 percent of Aramco in 2018 as part of a plan to set up the world’s biggest sovereign wealth fund and reduce the economy’s reliance on oil. Since King Salman acceded to the throne in 2015, the kingdom changed its oil minister and the top Aramco leadership. The company has formed a supreme board to oversee its affairs, led by the king’s influential son, Deputy Crown Prince Mohammed Bin Salman. The prince has been the driving force behind the Aramco IPO plans."

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