Aramco board restructures

29 October 2001

Four new directors will join the 12-member board of Saudi Aramcoat the end of November, an official at the company told MEED on 24 October. Minister of Petroleum & Mineral Resources Ali Naimi will continue to serve as chairman of the board of directors, the official said.

The new directors, appointed by King Fahd, are:

Abdulrahman al-Tuwaijri, secretary-general of the Supreme Economic Council. Al-Tuwaijri was an executive director of the IMF before returning to head the administration of the Supreme Economic Council when it was created by Crown Prince Abdullah in 1999.

Abdul Aziz bin Ibrahim al-Manie, minister of state and chairman of the Saudi Ports Authority.

Muhammed bin Ibrahim al-Suwayel, vice-president of the King Abdul Aziz City for Science & Technology.

Victor Beghini, former head of Marathon Oil Company in the US. Marathon has a 20 per cent stake in core venture 2 of the Saudi gas initiative.

The new appointees will replace: Abdulaziz al-Dukhayyil, rector of King Fahd University of Petroleum and Minerals; Mosaad al-Aiban, minister of state; Commerce Minister Osama al-Faquih; and Harold Haynes, vice-chairman of the Board of Bechtel Enterprisesand former chairman and chief executive officer (CEO) of Chevron.

Remaining on the board are: Finance & National Economy Minister Ibrahim al-Assaf; president and CEO Abdullah Jumah; Abdullah al-Seif, senior vice-president for exploration and production; executive vice-presidents Abdulaziz al-Hokail and Sadad al-Husseini; and international executives Rodney Wagner and James Kinnear. The new board begins its three-year term on 30 November. Aramco's board was last restructured in 1998, when three new directors were appointed.

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