State owned Saudi Aramco said Thursday that it has named Amin H. Nasser its new president.
Nasser was appointed during the Saudi Aramco Supreme Council’s first meeting in Jeddah under the chairmanship of HRH Deputy Crown Prince Mohammed bin Salman bin Abdulaziz.
Nasser has been serving as the company’s acting chief since May when oil giant began preparing for a round of restructuring that will eventually uncouple it from the country’s oil ministry.
“Amin is a team player and a visionary. With his appointment the company is in a better position to refocus on upstream objectives,” former Saudi Aramco Sadad al Husseini told Reuters.
Nasser, who previously served as Aramco’s senior VP for upstream operations, will bring over 30 years of industry experience to his post.
The council also endorsed Saudi Aramco’s five-year plan, spanning 2015 to 2019, and an associated capital program.
In January, Saudi Aramco said it would renegotiate contracts and put some projects on the back burner because of low oil prices.
According to Platts, OPEC pumped 31.26 million barrels per day in August, down 140,000 bpd from July as several member countries, including Saudi Arabia, cut output.
Saudi Arabia trimmed its supply by 50,000 bpd to 10.4 million bpd in August, the report said.
The oil rich kingdom has been steadily pumping over 10 million bpd during the first half of the year and has shown no signs of slowing its production down.