Saudi Aramco approves funding initiatives including sukuk program

A fuel storage tank at the Saudi Aramco Shell oil refinery in Jubail, Saudi Arabia. (File photo: AP)

Saudi Aramco’s board has approved a number of funding initiatives including the creation of a sukuk program, its weekly magazine the Arabian Sun reported on Wednesday.

The board, which met last week in Japan, has also decided to set up joint ventures for onshore and offshore rig services as well as provide interim financing for the planned Ras al-Khair maritime yard. No details were mentioned.

It has also approved an additional equity contribution for its Sadara joint venture with US firm Dow Chemical. It did not disclose the size.

New vice presidents

Saudi Aramco made new appointments to its executive ranks at its board meeting last week in Japan, while reappointing president and chief executive Amin Nasser, the company’s weekly magazine the Arabian Sun reported on Wednesday.

The appointments are effective from May 1:

Nabeel A. Al Mansour: general counsel and corporate secretary. Mansour is the first Saudi to be general counsel.

David B. Kultgen: senior vice president.

Abdulhakim A. Al-Gouhi: vice president of industrial services.

Said A. Al-Hadrami: vice president of international operations.

Ahmed A. Al-Subaey: vice president of marketing and supply.

Gouhi, Hadrami and Subaey were previously executive directors in their current areas.

Salah M. Al Hareky: treasurer.

Last Update: Thursday, 01 January 1970 KSA 13:58 - GMT 10:58