Saudi Arabia reorganizes Aramco

Saudi Arabia has created a new 10-member supreme council for Saudi Aramco.

May 5th, 2015

Offshore staff

DUBAI – Saudi Arabia has created a new 10-member supreme council for Saudi Aramco. The council is headed by the kingdom's deputy crown prince.

At the company's annual meeting last week, a briefing by Saudi Oil Minister Ali al-Naimi included the statement "on the recent dissolution of the Supreme Council for Petroleum and Mineral Affairs and the creation of the Supreme Council of the Saudi Arabian Oil Co.(Saudi Aramco)."

Elsewhwere, Reuters reports that Al Arabiya has said Saudi Arabia's Supreme Economic Council has approved a restructuring of Saudi Aramco that includes separating it from the oil ministry.

The Supreme Economic Council is a new body formed byKing Salman earlier this year to replace the Supreme Petroleum Council. The new council is headed by the king's son Prince Mohammed.

Further, on April 29, King Salman appointedSaudi Aramco's then chief executive as chairman of the state oil firm and health minister, as part of a major reshuffle.

5/4/15

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