On Monday, the 2nd of September 2019, the OPEC-kingpin and the world’s second-largest producer of crude oil behind the United States, Saudi Arabia had named the head of Kingdom’s state-controlled wealth fund, widely known as PIF, Yasir al-Rumayyan as the new Chairman of Saudi’s state-controlled oil firm Aramco, replacing the nation’s energy minister Khalid al-Falih as a mass-scale decentralization push, as the world’s No.
1 energy company by revenue has been preparing for an Initial Public Offering, a Bloomberg report published on Monday (Sept. 2nd) had first unveiled the subject-matter citing top Saudi officials who wished to remain unidentified.
Nonetheless, shortly after Monday’s (Sept. 2nd) Bloomberg report had unveiled the latest reform of Saudi Arabia’s oil industry, Saudi Energy Minister, Falih congratulated Rumayyan at his official tweeter feed saying “(It was) an important step to prepare the company for the public offering.
” Aside from that, recent reform on Saudi Aramco’s management board came a couple of days after the energy-rich kingdom had announced a spin-off of its energy ministry to create a separate ministry for mining and minerals on last Friday (August 30th).
Meanwhile, multiple analysts alongside industry official had been quoted saying following Monday’s (Sept. 2nd) sweeping overhaul of the world’s top oil producing company that the separation seemed to be aimed at curbing an extensive authoritative power of the Saudi energy minister Falih.