Saudi Aramco’s Board of Directors has appointed Khalid H al-Dabbagh as senior vice president of Finance, Strategy & Development, effective from 1 September.
Al-Dabbagh has been the company’s financial controller since January 2012. He was responsible for Saudi Aramco’s global accounting activities, annual financial report and maintaining internal controls.
The decision by Aramco’s management comes at a time when the state energy giant is preparing to take major financial decisions, either in the run up to or as an alternative to its planned initial public offering.
Aramco in talks with the Public Investment Fund (PIF) about the potential purchase of the majority stake in Sabic. The company is said to be considering a global bond sale to fund the purchase of the Sabic stake.
Aramco on 8 August took total control of Netherlands-based rubber producer Arlanxeo, its joint venture with Dutch specialty chemicals firm Lanxess, by buying out Lanxess’ stake.
In October 2010, Al-Dabbagh was appointed treasurer after serving as the acting executive head of Treasury since February 2010.
From September 2008, he was the manager of Business Analysis Department at Corporate Planning. Prior to that, Al-Dabbagh was the acting executive director of Marketing, Supply and Joint Venture Coordination.
Previous positions held included manager of Saudi Aramco’s Crude Oil Sales and Marketing; director of Joint Venture Development and Support; president and CEO of Saudi Petroleum International in New York; and general manager of Saudi Petroleum Limited in Tokyo.
Al-Dabbagh has also served as a Board Director with Showa Shell, Fujian Refining and Petrochemical Company, Luberef, SUMED, and vice chairman of Sinopec SenMei Products Company.