Saudi to restructure oil giant Aramco

Saudi Arabia approved on Friday the restructuring of the kingdom’s oil giant Aramco, a move that will see it separated from the oil ministry, sources told Al Arabiya News Channel.

The country’s Supreme Economic Council approved the restructuring plan that had been proposed by Deputy Crown Prince Mohammad bin Salman.

Also on Friday, Aramco’s senior Vice President Amin al-Nassar was named chief executive ‘until further notice,’ the company said in a statement.

Aramco also announced the creation of a Supreme Council of the Saudi Arabian Oil Company (Saudi Aramco) headed by the Kingdom’s newly appointed Deputy Crown Prince Mohammed bin Salman.

In the statement - which was posted online soon after the annual board meeting in the South Korean capital Seoul - Aramco said that the Council will be formed from 10 members.

The restructuring comes soon after Saudi King Salman bin Abdulaziz announced a major government reshuffle.

Prince Mohammad bin Salman, also minister of defense, was appointed as the deputy crown prince earlier this week. King Salman also appointed Saudi Aramco's chief executive Khaled al-Falih as chairman of the state oil firm and health minister.

In a statement on Wednesday, Aramco described Falih as the outgoing CEO and president, and also as chairman of its board of directors.

The state-owned giant is a world leader in crude exports. Aramco is involved in hydrocarbons exploration, production, refining, distribution, shipping and marketing.

According to the company’s website, Aramco has stewardship of natural gas reserves of 288.4 trillion standard cubic feet (scf) and as of 2014 operates 212 oil rigs.