State owned Saudi Aramco named Amin al-Nasser its acting chief on Friday as the oil giant prepares for a round of restructuring that will uncouple it from the country’s oil ministry.
Al-Nasser, who previously served as Aramco’s senior VP for upstream operations, will bring over 30 years of industry experience to his new post.
Aramco said al-Nasser will serve as the company’s acting CEO and president “until further notice.”
Unnamed sources told Saudi state television that Saudi Aramco will be separated from the country’s oil ministry although details about the restructuring plan have not been disclosed.
“They are trying to rearrange Aramco and restructure the whole company. They are also trying to restructure the oil ministry and name Prince Abdulaziz as minister of energy,” a Saudi Arabian industry source told Reuters.
The plan is part of a larger political shake up as recently crowned King Salman shuffles the lineup at state owned firms and the country’s ministries.
Last week Saudi Aramco chief Khalid Al-Falih was appointed the new president of Saudi Arabian Oil Corporation, the largest crude exporter in the world, and the country’s health minister.
Al-Falih, 56, has supported Saudi Arabia’s decision to keep production steady despite months of low oil prices.
“Saudi Arabia will not single handedly balance the market on a downturn,” Al-Falih said in January.
The king also promoted Prince Abdulaziz from assistant to deputy oil minister in February.
King Salman has pledged to uphold OPEC’s current 30 million barrels per day output target despite criticism from fellow OPEC producers and non-OPEC members.