Saudi Arabia has appointed Yasir Al-Rumayyan, governor of Public Investment Fund (PIF), as the chairman of Saudi Aramco, the world’s biggest oil company, as it gears up to list its shares, reports said.
Al-Rumayyan replaces Energy Minister Khalid Al-Falih, who has been the chairman since 2015.
Al-Falih tweeted his congratulations to Al-Rumayyan. “This comes as an important step to prepare the company for the public offering, wishing him every success,” he said.
Al-Falih remains minister of energy and head of the Saudi delegation at the Organization of the Petroleum Exporting Countries (Opec), where he has been instrumental in forging an alliance with Russia to limit global crude oil production, said a report.
Al-Rumayyan, who has overseen the transformation of the PIF from a small civil-service pension investor to a sovereign wealth fund with $320 billion of assets under management, is already on the board of Aramco.