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Saudi Arabian Oil Minister Khalid Al-Falih replaced Prince Abdulaziz



The world's largest oil exporter has replaced Energy Minister Khalid al-Falih with Prince Abdulaziz bin Salman bin Abdulaziz al-Saud, state media reported on Sunday.

Al-Falih was appointed Minister of Petroleum in May 2016. He is the architect of a pact between the Organization of the Petroleum Exporting Countries (OPEC) and some other oil producers, including Russia, which is intended to reduce oil supplies. to boost prices. The deal lasted nearly three years, but failed to bring prices back to the $ 80 a barrel that Saudi Arabia wanted.

"I think the market has a positive notion that a person like Prince Abdulaziz accepts [the oil ministry] all this OPEC history he has," said Sukhail Al Mazrowei, United Arab Emirates Energy Minister.

Prince Abdulaziz, the Crown Prince of Mohammed bin Salman, is a member of the OPEC delegation to OPEC for many years, becoming the first member of the royal family to serve as Minister of Petroleum.

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Leadership changes are the latest in a series of developments to prepare Aramco to publicize what may be the largest IPO in the world. interest in its debut international bond sale in April.It conducted an independent audit of the kingdom's oil reserves and began publishing revenue.

Al-Falih "has never been enthusiastic about an IPO for Aramco," a senior OPEC source told CNN Business last week.

When he was replaced at Aramco, Al-Falih took to Twitter to congratulate the new chairman, Yassir Al Rumayian, saying his appointment was "an important step in preparing the company for public offering." 1
9659009] Khalid al-Falih was removed as chairman of the state-owned oil company Saudi Aramko last week. ” data-src-mini=”//cdn.cnn.com/cnnnext/dam/assets/190702141843-saudi-oil-minister-khalid-al-falih-july-2-2019-small-169.jpg” data-src-xsmall=”//cdn.cnn.com/cnnnext/dam/assets/190702141843-saudi-oil-minister-khalid-al-falih-july-2-2019-medium-plus-169.jpg” data-src-small=”http://cdn.cnn.com/cnnnext/dam/assets/190702141843-saudi-oil-minister-khalid-al-falih-july-2-2019-large-169.jpg” data-src-medium=”//cdn.cnn.com/cnnnext/dam/assets/190702141843-saudi-oil-minister-khalid-al-falih-july-2-2019-exlarge-169.jpg” data-src-large=”//cdn.cnn.com/cnnnext/dam/assets/190702141843-saudi-oil-minister-khalid-al-falih-july-2-2019-super-169.jpg” data-src-full16x9=”//cdn.cnn.com/cnnnext/dam/assets/190702141843-saudi-oil-minister-khalid-al-falih-july-2-2019-full-169.jpg” data-src-mini1x1=”//cdn.cnn.com/cnnnext/dam/assets/190702141843-saudi-oil-minister-khalid-al-falih-july-2-2019-small-11.jpg” data-demand-load=”not-loaded” data-eq-pts=”mini: 0, xsmall: 221, small: 308, medium: 461, large: 781″ src=”data:image/gif;base64,R0lGODlhEAAJAJEAAAAAAP///////wAAACH5BAEAAAIALAAAAAAQAAkAAAIKlI+py+0Po5yUFQA7″/>

Bin Salman first announced Aramco's partial IPO in 2016. It was originally planned for 2018, but never came to fruition due to concerns about potential litigation in the US and investor skepticism over the Crown Prince's ambitions for a deal that valued Aramco at $ 2 trillion.

An IPO is central to Bin Salman's 2030 Vision for Diversification of the Saudi Arabian Economy.

Partial privatization plans were revived following a positive reaction from investors to the sale of Aramco bonds in April, the Wall Street Journal reported last month.

Putting the transaction on the market is still fraught with risk, especially if global oil prices remain low. Saudi Aramko reported last month that its profits fell 12% in the first half of its fiscal year to $ 46.9 billion due to lower global oil prices. Despite the downturn, it is still the most profitable company in the world.

Prince Abdulaziz will make his first major appearance as Minister of Petroleum when interviewed at the World Energy Congress in Abu Dhabi this week.


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