Appointment of former PIF governor comes ahead of IPO in 2020-21
Saudi Aramco’s new chairman, Yasir al-Rumayyan, has said he will work to secure the “highest standards of transparency and efficiency”, according to quotes attributed to him by Saudi news agency SPA.
The appointment of Al-Rumayyan, who replaced Energy Minister Khalid Al-Falih, already an Aramco board member, comes as part of the Saudi authorities’ preparations to sell shares in the world’s biggest oil exporter, with plans for an initial public offering (IPO) of up to a 5 percent stake by 2020-21.
Al-Rumayyan was previously governor of the Public Investment Fund, leading the fund’s transformation from a sleepy domestic holding company into one of the biggest investors in global technology start-ups. The fund has accumulated stakes in electric carmaker Tesla, ride-sharing company Uber Technologies and has made a $45 billion commitment to SoftBank Group Corp’s $100bn technology fund.
Aramco has already asked major banks to submit proposals for potential roles in the IPO, according to sources.