Egypt's c.bank chief tells AMF summit financial challenges require stronger supervisory action    Egypt's Top 50 Women launches national STEM & AI Challenge Competition    Egypt's PM reviews major healthcare expansion plan with Nile Medical City    Saudi c. bank cuts repo, reverse repo rates by 25 basis points    UN rejects Israeli claim of 'new Gaza border' as humanitarian crisis worsens    Deli Group breaks ground on new factory in 10th of Ramadan City    Egypt's Cabinet approves development of Nasser Institute into world-class medical hub    Egypt reports sharp drop in waste burning incidents during autumn 2025    Servier Egypt launches Tibsovo as first targeted therapy for IDH1-mutated cancers    UNESCO adds Egyptian Koshari to intangible cultural heritage list    Egypt's exports rise 28.2% in September 2025 as trade deficit narrows    Egyptian Cabinet prepares new data law and stricter fines to combat misinformation    Egypt, EBRD discuss boosting finance in petroleum, mining sectors    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Blair dropped from US Gaza governance plan after Arab objections    Egypt's Abdelatty urges rapid formation of Gaza stability force in call with Rubio    Egypt calls for inclusive Nile Basin dialogue, warns against 'hostile rhetoric'    Egypt joins Japan-backed UHC Knowledge Hub to advance national health reforms    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi Arabia shakes up state oil firm Aramco
BBC Published in Albawaba on 02 - 05 - 2015

Saudi Arabia's state oil company is to be separated from the oil ministry as part of a wider restructuring.
The move was approved by the Supreme Economic Council, which was set up by King Salman this year to replace the Supreme Petroleum Council.
The new 10-member council is headed by the King's son, Prince Mohammed bin Salman.
He was appointed this week as the new deputy crown prince and is regarded as second in line to the throne.
On Wednesday, King Salman appointed Saudi Aramco's chief executive Khalid al-Falih as chairman of the company and health minister as part of a major political reshuffle. He has been replaced by Aramco senior vice-president Amin al-Nasser.
The main facets of Saudi oil policy - including maintaining the ability to stabilise markets by holding extensive reserves and a reluctance to interfere in the market for political reasons - are set by the top members of the ruling royal family.
There are no signs that the move will lead to any significant changes in the way that the world's top oil exporter and de facto Opec leader makes its decisions.
However, separating Aramco from the oil ministry is likely to be just the first step in a shake-up of the Saudi oil sector, according to analysts.
Mohammad al-Sabban, a former senior adviser to Saudi oil minister Ali al-Naimi, said: "This decision will bring more flexibility to the company to take decisions on a commercial basis, and keep full financial control."
Delicate balance
The move could pave the way for a prince to be appointed as the next oil minister to replace 79-year-old Mr al-Naimi.
It had been thought that the royal family regarded the role of oil minister as so important that giving it to a prince could upset the kingdom's delicate balance of power and risk making oil policy hostage to bickering among the many princes.
Earlier this year, King Salman promoted his son, Prince Abdulaziz bin Salman - a long-serving member of Saudi Arabia's Opec delegation - to the role of deputy oil minister from assistant oil minister.
Ehsan ul-Haq, oil analyst at KBC Energy Economics, said it was highly likely that Prince Abdulaziz, a son of the King, could be appointed oil minister.
"[Falih's] shift to the health ministry suggests that he might not follow Naimi. His appointment to the chairman of Aramco, on the other hand, is only ceremonial," he said.

Clic here to read the story from its source.