Saudi Arabia appoints Khalid al-Falih as new energy minister
by Compiled from Wire Services
RIYADHMay 07, 2016 - 12:00 am GMT+3
by Compiled from Wire Services
May 07, 2016 12:00 am
Saudi Arabia, the world's largest crude oil exporter, on Saturday appointed Khalid al-Falih as the kingdom's new Energy Minister, replacing veteran Ali al-Naimi who has been holding the post since 1995.
Saudi state television cited a royal decree as saying the petroleum ministry had been renamed to become the Ministry of Energy, Industry and Mining. Falih was relieved from his previous post of health minister, the decree said.
The move comes two weeks after the kingdom, which holds the world's second-largest proven oil reserves, announced an ambitious development plan aimed at reducing its reliance on its oil resources.
The plan involves selling under 5 per cent of Aramco, the world's largest oil production company, via an initial public offering, Deputy Crown Prince Mohammed bin Salman has said.
Saudi Arabia's King Salman restructured some government ministries and reshuffled his cabinet to appoint new ministers in a series of royal decrees carried on state television.
He replaced the ministers in charge of the energy, oil, water, transport, commmerce, social affairs, health and pilgrimage portfolios and established a new recreation and culture commission.
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