Saudi Aramco says Nasser new CEO of world’s biggest oil firm
WAEL MAHDI
DHAHRAN (Bloomberg) -- Amin al-Nasser was named president and CEO of Saudi Arabian Oil Co., as part of leadership changes at the world’s biggest oil company overseen by a newly created supreme council headed by the Saudi king’s son.
Saudi Aramco’s supreme council also approved a five-year business plan at its first meeting in Jeddah, the state-owned company said in an emailed statement Thursday. Nasser in May was named interim CEO, replacing Khalid Al-Falih who became chairman and health minister. The supreme council is restructuring the Dhahran-based company, which is no longer under the oil ministry. Nasser is also on the board, below the supreme council.
“More appointments are expected,” Mohamed Ramady, a London-based independent analyst and former professor of economics at King Fahd University for Petroleum and Minerals in Dhahran, said by email. “Many senior vice presidents retired lately and no replacements have been announced so far.”
Saudi Aramco has the ability to pump 12 MMbopd, and is steering the Organization of Petroleum Exporting Countries to record production to keep market share amid a global glut. Brent crude fell 1.6% to $48.97/bbl on Thursday.
Nasser, senior V.P. for upstream until May, will become the fourth Saudi national to head Aramco since its inception in 1933, after Oil Minister Ali al-Naimi, Abdullah Jumah and Al-Falih. The company started as Arabian American Oil Co., owned by U.S. companies until the government gradually took more of a stake and now owns 100%. Nasser became chief petroleum engineer in April 2004 and executive director of petroleum engineering and development in May 2005.
The 10-member supreme council is led by Deputy Crown Prince Mohammed Bin Salman, the son of King Salman bin Abdulaziz and second in line to the throne.
Other members of the council who also attended the meeting include Naimi, deputy oil minister Prince Abdulaziz Bin Salman, Al-Falih, finance minister Ibrahim Al-Assaf, economy minister Adel Fakeih and Saudi central bank governor Fahad Al-Mubarak, according to the statement.
