Thursday, September 19, 2019

Russia: Saudi Oil C-Suite Changes Won't Impact Cooperation

September 4, 2019

Saudi Arabian oil industry: under new management. (Photo: © Adobe Photo Stock / Phattana)

Changes in the management of its oil ministry by Saudi Arabia will not impact cooperation between Russia and the Middle East kingdom, Russian Energy Minister Alexander Novak stated today, adding that he plans to meet his Saudi counterpart Khalid al-Falih in the near future and ahead of a planned visit by Russian President Vladimir Putin to the country.

Saudi Arabia has named Yasir al-Rumayyan, head of the its sovereign wealth fund, the PIF, chairman of Saudi Aramco, replacing Falih. Saudi Aramco is currently preparing for an initial public offering (IPO).

The change came after Saudi Arabia created a new ministry for industry and mineral resources, separating it from its energy ministry. Observers have said that the separation and the appointment of Rumayyan appear to diminish the authority of Falih, who has retained control of the energy portfolio.

“We will continue our international cooperation with our colleagues, with my friend Mr. Falih,” commented Novak, adding that Russia continues its coordination with the Organization of the Petroleum Exporting Countries (OPEC) on the global oil market, and that it could meet with Ukraine and the European Union for talks on gas supplies later this month. (Source: Reuters)

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