Saudi Arabia removed Energy Minister Khalid al-Falih from his position as chairman of Saudi Arabian Oil Co. or Saudi Aramco, media reported on Monday citing sources familiar with the matter.
Al-Falih will be replaced by the head of the Public Investment Fund, the country's sovereign wealth fund, Yasir al-Rumayyan (pictured), the sources said. They added that the appointment of al-Rumayyan, who is already a member of the company's board, was intended to separate the Ministry of Energy from Aramco and avoid any conflicts as it prepares for its upcoming initial public offering (IPO).
Recent reports suggested that Aramco was considering a two-stage IPO, with a portion first being offered on the Saudi stock exchange while the second would debut on an international stock exchange in 2020 or 2021. Al-Falih himself also said at the beginning of August that an IPO was coming "sooner than expected."
