Aramco chairman elevated to Saudi energy minister

Saudi Arabia has appointed Khalid al-Falih, chairman of state-owned Saudi Aramco, to head its new Ministry of Energy, Industry, and Mineral Resources.

The agency replaces the Ministry of Petroleum and Mineral Resources as part of a recently reported economic and government restructuring initiative undertaken by the kingdom.

Serving as Aramco chief executive officer during 2009-15, al-Falih succeeds Ali al-Naimi, who held the post of Saudi Arabia’s energy minister since 1995.

Saudi Arabia holds 16% of the world’s proved oil reserves, and, according to data from the US Energy Information Administration, is the largest exporter of total petroleum liquids in the world.

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