Saudi Arabia has named Yasir al-Rumayyan, head of the country’s sovereign wealth fund, as the chairman of state oil giant Aramco. It replaced Energy Minister Khalid Al-Falih, who was appointed as chairman in 2015. His appointment comes as the state-owned company prepares for a much-anticipated initial public offering, after failing to reach $2 trillion valuation as desired by Saudi rulers. The move puts some distance between Khalid al-Falih’s energy ministry portfolio and Aramco, which Saudi officials say could be listed in 2020 or 2021. Al-Falih described Yasir al-Rumayyan’s appointment on Twitter Monday as “an important step prepare the company for a public offering.” Crown Prince Mohammed bin Salman first announced plans for a partial IPO in 2016. The world’s most profitable company plans to list in Saudi Arabia and on an international exchange. Al-Rumayyan, who is managing director of the Saudi Public Investment Fund, served on Aramco’s board prior to becoming its chairman.
