Sector News

Saudi Aramco names Amin H. Nasser as president

September 17, 2015
News

Saudi Arabia’s state-owned giant oil company, Saudi Aramco, said Thursday it has named a new president and chief executive following a shake-up of the country’s ministerial elite earlier this year.

Amin H. Nasser was named by the Saudi Aramco Supreme Council as the president and chief executive of Saudi Arabian Oil Co., known as Saudi Aramco. In May, Mr. Nasser, who was previously Aramco’s senior vice president for upstream operations, was promoted to acting president and CEO of the company.

The appointment follows a government reshuffle by King Salman bin Abdulaziz earlier this year that saw former Aramco CEO Khalid al-Falih appointed health minister and made chairman of the oil company.

Mr. Nasser, who is the fourth Saudi national to head Aramco, has spent more than 30 years at the national oil giant, working in various roles throughout the organization, though he has stayed largely behind the scenes and avoided the spotlight. He has held his last role at the helm of the company’s oil production and exploration division since 2008.

The new president and CEO is also on the board of the Aramco supreme council, which is led by the kingdom’s deputy crown prince and is currently restructuring the Dhahran-based firm.

The changes within Aramco have fed speculation that long-standing oil minister Ali al-Naimi may be preparing to retire. The influential oil official, who has been Saudi Arabia’s top oil executive since 1995, has already said he wants to step down. Mr. Falih is often considered a possible candidate to replace him, alongside the king’s son and deputy oil minister, Prince Abdulaziz bin Salman.
Aramco said that its 10-member council approved a five-year business plan, including the related capital program, but didn’t give any further details.

Other members of the council include the oil minister, his deputy, the finance and economy ministers as well as the central bank governor, according to Aramco.

By Summer Said

Source: Wall Street Journal

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