Saudi Arabia to shake-up Aramco

Now Reading:

Saudi Arabia to shake-up Aramco

Text size Aa Aa

The world’s biggest exporter of crude oil is set to be restructured. Saudi state oil giant Aramco will be separated from the kingdom’s oil ministry. The move, reported on Saudi-owned Al Arabiya television channel has been approved by Saudi Arabia’s Supreme Economic Council.

A statement on the company’s website said a new 10-member supreme council headed by the kingdom’s deputy crown prince has been created to run Aramco.

Aramco’s website said it, “plays a critical role in supplying world oil markets but we want to do more and that is why we are engaging in an unprecedented corporate transformation”.