Saudi oil giant Aramco will be getting a new chairman to replace Energy Minister Khalid al Falih as the company moves ahead with its plans to go public, according to reports.
Falih had been spearheading the move towards an initial public offering but lately had been blamed for a slowing in the Saudi Arabian company's movements towards diversification, theThe news comes just days after the Saudi government created a new ministry for industry and mineral resources, breaking it away from energy in a move seen as reducing Falih's influence. However, he will remain the head of the energy ministry.
The Journal reported that officials believe separating the duties will help accelerate the process to get the Aramco IPO moving ahead.
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