Saudi Aramco names new head of finance after govt reshuffle

Saudi Aramco has named six new heads of departments including its finance unit after a government reshuffle last week saw several executives at the oil giant moving to other state posts, the company and industry sources said on Tuesday.

Khalid al-Dabbagh was named acting service line head for finance, strategy and development at the world’s largest oil producer, taking over on an interim basis from Abdallah al-Saadan, who was senior vice president of the department, the sources who are familiar with the matter told Reuters.

In his post, Saadan was effectively chief financial officer of Aramco, overseeing preparations for its initial public offering (IPO), which is expected to take place in 2019 and could be the world’s biggest.

Aramco also appointed Motassim al-Maashouq, who is vice president of IPO development, to the additional post of vice president of treasury, the sources said.

Aramco confirmed all the new appointments.

In the government reshuffle announced on Saturday under royal orders from King Salman, Saadan was named chairman of the Royal Commission for Jubail and Yanbu, a government body formed to manage and oversee the development of those two cities.

Saudi Arabia also named a prominent businessman as labour minister and new deputies to the Energy, Industry and Mineral Resources Ministry.

Read more: Saudi appoints businessman as new labour minister

The Energy, Industry and Mineral Resources Ministry, under Khalid al-Falih, who is already chairman of Aramco, oversees oil and gas extraction, power generation and distribution, mining and industrial development.

The appointments of deputies for Falih is a long awaited move meant to lessen the load on the minister who juggles a host of responsibilities from steering the kingdom’s oil and OPEC policies to managing development of local industries.

“The Ministry of Energy has a huge portfolio with many challenging growth and development objectives and Falih needs deputies he knows can deliver results,” said Sadad al-Husseini, an energy consultant and former senior executive with Saudi Aramco.

The Aramco appointments also include Mohammed Shammary, who becomes vice president for procurement and supply chain management, replacing Abdulaziz al-Abdulkarim, the sources said.

Abdulkarim was appointed on Saturday to the post of deputy energy minister for industry affairs.

Nabeel al-Jama’ was named vice president for corporate affairs, replacing Nasser al-Nafisi, who was appointed to the position of assistant energy minister, while Nabil al-Dabal now heads the human resources department, the sources said.

Salah al-Harkey is succeeding Dabbagh as the new Financial Controller, the sources said.