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OPEC Kingpin Saudi Arabia Replaces Energy Minister - Report

Gasoil News - Published on Tue, 10 Sep 2019

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The official Saudi Press Agency said, citing a royal decree, OPEC kingpin Saudi Arabia named King Salman's son as energy minister after sacking veteran oil official Khalid al-Falih. "Khalid al-Falih has been removed from his position. His royal highness Prince Abdulaziz bin Salman is appointed minister of energy. Prince Salman is the king's son and the brother of powerful Crown Prince Mohammed bin Salman. Falih's dismissal comes just days after he was removed as chairman of state-owned oil giant Aramco as the company prepares for a much-anticipated initial public offering. He was replaced in that post by Yasir al-Rumayyan, governor of the kingdom's vast Public Investment Fund. Falih also saw his portfolio shrink as the kingdom reels from low oil prices.

Last month the world's top oil exporter announced the creation of a new ministry of industry and mineral resources, separating it from his energy ministry.

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Posted By : Rabi Wangkhem on Tue, 10 Sep 2019
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