1 May 2015
Saudi Arabia to restructure Aramco - Reuters
FXStreet (Mumbai) - Saudi Arabia's Supreme Economic Council has approved a restructuring of state oil company Saudi Aramco that includes separating it from the oil ministry, as reported by Reuters.
There are no indications that the move will lead to changes in the fundamental way the world's top crude exporter makes its oil decisions.
"Saudi Supreme Economic Council agrees on Deputy Crown Prince Mohammed bin Salman's vision of restructuring oil-giant Aramco," Al Arabiya television channel reported on its Twitter account.
"Restructuring of Saudi Aramco includes separation from petroleum ministry," the channel said.
The Supreme Economic Council is a new body formed by King Salman earlier this year to replace the Supreme Petroleum Council, which used to help set the kingdom's oil policy.
The new council is headed by the king's son Prince Mohammed, a move seen by marlets as laying the ground for a generational shift in how Riyadh develops its energy and economic strategies.
There are no indications that the move will lead to changes in the fundamental way the world's top crude exporter makes its oil decisions.
"Saudi Supreme Economic Council agrees on Deputy Crown Prince Mohammed bin Salman's vision of restructuring oil-giant Aramco," Al Arabiya television channel reported on its Twitter account.
"Restructuring of Saudi Aramco includes separation from petroleum ministry," the channel said.
The Supreme Economic Council is a new body formed by King Salman earlier this year to replace the Supreme Petroleum Council, which used to help set the kingdom's oil policy.
The new council is headed by the king's son Prince Mohammed, a move seen by marlets as laying the ground for a generational shift in how Riyadh develops its energy and economic strategies.