Saudi Arabia has appointed Yasser Othman al-Rumayyan, governor of the kingdom’s sovereign wealth entity Pubic Investment Fund (PIF), as the new chairman of energy giant Saudi Aramco.

Al-Rumayyan succeeds Saudi Energy Minister Khalid al-Falih as Aramco’s chairman.

Apart from being the kingdom’s energy minister, Al-Falih had also been Aramco’s chairman since 2016.

Aramco made an official announcement about Al-Rumayyan’s appointment as chairman in a media statement, which said Al-Rumayyan had been a member of Aramco’s Board of Directors since 2016.

Al-Falih tweeted about the development, saying: “I congratulate my brother His Excellency Mr. Yasser Othman al-Rumayyan, Governor of the Public Investment Fund, on his appointment as Chairman of the Board of Directors of Saudi Aramco, which comes as an important step to prepare the company for the public offering, wishing him every success.”

The move is understood to be in preparation for Aramco’s planned stock listing of shares through an initial public offering.

Riyadh has recently also carved out a separate ministry to govern the kingdom’s mineral resources and industrial portfolio from the Ministry of Energy, Industry & Mineral Resources.

The division of the present ministry has created a Ministry of Industry & Mineral Resources, leaving the Ministry of Energy as a separate department.

Al-Falih continues to serve as energy minister, while Saudi businessman Bandar Alkhorayef will head the new natural resources and industry ministry.

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