ENERGY

As it happened: The events that reshaped Saudi Arabia’s energy sector

Prince Abdulaziz replaced Khalid al-Falih as Minister of Energy on September 8, 2019. (File photo: AFP)

There has been a flurry of news in the Saudi Arabian energy sector in recent days. News of the upcoming initial public offering (IPO) of Saudi Aramco, the world’s biggest oil company, and changes in top energy management in Saudi Arabia, have both been key intelligence for energy market watchers.

With this in mind, Al Arabiya English has put together a timeline of the most important latest developments in Saudi Arabia’s energy sector.

January 2017: Saudi Arabia, OPEC and partners begin policy of cutting oil production to support oil price.

July 2018: Aramco begins purchase of petro-chemical giant Saudi Basic Industries Corp (SABIC), delaying IPO plans.

July 2019: Al-Falih confirms that Aramco IPO will occur within a 2020-2021 timeframe.

August 29, 2019: Reports emerge that Aramco is considering a two stage IPO, listing domestically on the Saudi Stock Exchange first, followed by an international listing.

August 30, 2019: Minister of Energy, Industry and Mineral Resources to be split into two entities. The new Ministry of Industry and Mineral Resources will be headed by Bandar Alkhorayef.

September 2, 2019: Yassir al-Rumayyan, Governor of the Saudi sovereign wealth fund, the Public Investment Fund, replaces al-Falih as the Chairman of Aramco.

September 8, 2019: Prince Abdulaziz bin Salman is named as the new Minister of Energy, replacing al-Falih, and the first Saudi royal to head the ministry.

September 9, 2019: Prince Abdulaziz says the oil market is no longer driven by demand changes but “by negative sentiments emanating from negative views.”

September 10, 2019: Amin Nasser, CEO of Aramco, says that the IPO is “going to be very soon, we are prepared.” He added that the timing of the IPO was a “government decision.”
 

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Last Update: Wednesday, 11 September 2019 KSA 17:41 - GMT 14:41
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