Saudi Arabia has removed its energy minister as chairman of Saudi Aramco and replaced him with Yasir al-Rumayyan, head of the country’s sovereign wealth fund, ahead of a planned blockbuster stock market listing.
The appointment of Mr Rumayyan, a close ally of crown prince Mohammed bin Salman, comes as Khalid al-Falih, energy minister and chairman since 2015, has seen his position weakened.
While Mr Falih keeps his official role overseeing oil production policy for the kingdom, last week he was stripped of half of his government portfolio when a new industry and mining ministry was created.
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