State Saudi Aramco, the world’s biggest oil producer has announced that Yasir Othman Al-Rumayyan has been appointed as its new chairman effective September 3.
Al-Rumayyan was appointed a member of the company’s board in 2016 and is the governor of the public investment fund. He replaces Khalid Al-Falih, also the Saudi energy minister.
Saudi officials have stated that Al-Rumayyan’s appointment is to make a clear break between the government and the oil giant.
Saudi Aramco is expected to launch its initial public offering soon, with 5% of it for sale and the state hoping for a valuation of $2 trillion for the whole company.
The sale was due to take place last year but was delayed. So far Saudi Aramco has not picked a foreign exchange for the IPO, with both New York and the UK exchanges posing risks of one sort or another to the issuer.
