Saudi Arabian king appoints Prince Abdulaziz as energy minister
The kingdom has seen a shake up in its energy leadership as Saudi Arabia prepares for the widely anticipated IPO of Saudi Aramco
Saudi Arabia's King Salman bin Abdulaziz al Saud appointed his son, Prince Abulaziz bin Salman, as the nation's new energy minister, according to a report by the Saudi Press Agency.
King Salman issued a royal order which saw veteran Khalid Al-Faleh "relieved of his position," replaced by Prince Abdulaziz. Prince Abdulaziz has served on the oil ministry since the 1980s in a number of positions.
The deputy minister of energy, Abdulaziz bin Abdullah bin Ali Al-Abdulkarim, was also removed from his post, with Osama bin Abdulaziz Al-Zamil taking the position.
This is part of a wider government shake-up, as the kindgom prepares to list around 5% of its national oil company, Saudi Aramco.
This follows the announcement of Al-Falih's removal as the chairman of Saudi Aramco, replaced by the governor of the Public Investment Fund, Yasir al-Rumayyan. The PIF is the kindgom's primary investment vehicle for its ambitious plans to diversify its economy away from oil.