Saudi Aramco names new chief

Newly created supreme council also approved a five-year business plan.

Appointment made at initial meeting of supreme council

Amin Al Nasser was named president and chief executive of Saudi Arabian Oil Company, known as Saudi Aramco, at the first meeting of the newly created supreme council, the executive board managing the world’s biggest oil producer.

The council also approved a five-year business plan at the meeting held overnight in Jeddah, the company said in a statement yesterday. Mr Al Nasser in May was named interim chief executive, replacing Khalid Al Falih who became chairman and health minister. The supreme council is restructuring the Dhahran-based company, which is no longer under the oil ministry. Mr Al Nasser is also on the board, below the supreme council.

“More appointments are expected,” Mohamed Ramady, a London-based independent analyst and former professor of economics at King Fahd University for Petroleum and Minerals in Dhahran, said. “Many senior vice presidents retired lately and no replacements have been announced so far.”

Saudi Aramco has the ability to pump 12 million barrels of crude per day, and is steering Opec to record production to keep market share amid a global glut. Brent crude was little changed at $49.79 per barrel yesterday.

Mr Al Nasser, senior vice president for upstream until May, will become the fourth Saudi national to head Aramco since its inception in 1933, after the oil minister Ali Al Naimi, Abdullah Jumah and Mr Al Falih. The company started as Arabian American Oil Company, owned by US companies until the government gradually took more of a stake and now owns 100 per cent. Mr Al Nasser became chief petroleum engineer in April 2004 and executive director of petroleum engineering and development in May 2005.

The 10-member supreme council is led by the deputy crown prince Mohammed bin Salman, the son of King Salman bin Abdulaziz and second in line to the throne.

Other members of the council who also attended the meeting include Mr Al Naimi, deputy oil minister prince Abdulaziz Bin Salman, Mr Al Falih, finance minister Ibrahim Al Assaf, economy minister Adel Fakeih and Saudi central bank governor Fahad Al Mubarak, according to the statement.

business@thenational.ae

Published: September 17, 2015 04:00 AM

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