Saudi Aramco appoints head PIF as new chairman

Saudi Aramco appoints head of PIF as new chairman

10:33 AM, 3rd September 2019
Saudi Aramco logo

DHAHRAN, SAUDI ARABIA: Saudi oil giant Aramco has appointed Yasir al-Rumayyan, governor of the country’s Public Investment Fund (PIF), a sovereign wealth fund, as its new chairman. He replaces Energy Minister Khalid al-Falih, as the government prepares to sell shares in the state-owned oil company.

Rumayyan is already a Saudi Aramco board member.

The news comes just days after the Saudi government created a new ministry for industry and mineral resources, separating it from the energy ministry as it steps up efforts to boost non-oil revenue.

Al-Rumayyan was appointed managing director of the Public Investment Fund of Saudi Arabia in September 2015, a order to seek international investments with the potential for knowledge and technology transfer to the Saudi economy.

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