Saudi Arabia's Energy Minister Khalid al-Falih confirmed on Monday that he stepped down from his position as chairman of state oil giant of Saudi Arabian Oil Co. or Saudi Aramco.
In a tweet announcing the news, al-Falih confirmed that he would be replaced by the head of the Public Investment Fund, the country's sovereign wealth fund, Yasir al-Rumayyan. He added that the change was an "important step" in preparing the company for its initial public offering (IPO). Al-Falih will retain his ministerial position as but will no longer oversee the industry and mineral resource sectors after they were spun off from the country's Ministry of Energy on Friday.
Al-Falih's announcement confirmed previous reports that indicated that he would be replaced by al-Rumayyan. The decision was reportedly intended to separate the Ministry of Energy from Aramco and avoid any conflicts as the company prepares for its upcoming IPO, which may take place in two stages in 2020 and 2021.
