New Energy Minister Khalid Al-Falih was longtime Saudi Aramco chief

Khalid Al-Falih, new energy minister
Updated 07 May 2016
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New Energy Minister Khalid Al-Falih was longtime Saudi Aramco chief

RIYADH: Khalid Al-Falih, named byon Saturday to head a super Ministry of Energy, Industry and Mineral Resources, was the longtime chief of state oil giant Saudi Aramco.
From 2009, he was Saudi Aramco’s president and CEO, in charge of about 60,000 employees at the firm which produces roughly one in every eight barrels of the world’s oil supply.
In May last year, Custodian of the Two Holy Mosques King Salman tapped Al-Falih to become health minister as part of an earlier government shuffle, but he also stayed on with Aramco as chairman during a dramatic global decline in oil prices which left Saudi Arabia with a record budget deficit last year.
The plunging oil revenues have accentuated a drive for economic alternatives in the world’s biggest oil exporter, which on April 25 released a wide-ranging “Vision 2030” plan aimed at transforming the economy away from its dependence on crude.
The government reorganization announced on Saturday by King Salman reflects these new priorities which include greater efficiency in state administration.
Al-Falih will head the broader Ministry of Energy, Industry and Mineral Resources as the kingdom tries to boost industry — from petrochemicals to defense — and alternative energy sources while mining is expected to take on a greater role in the economy.
Al-Falih replaces Ali Al-Naimi who headed the now defunct Ministry of Petroleum and Mineral Resources and who will become an adviser to the Royal Court.
There was no immediate word on a replacement for Al-Falih as chairman of Aramco, which is to be partly listed on the stock market as a foundation of the Vision 2030 plan.
According to an official biography, Al-Falih, earned in 1982 a mechanical engineering degree from Texas A&M University in the United States.
In 1991, he graduated with an MBA from King Fahd University of Petroleum and Minerals in his homeland.
Prior to assuming the presidency of Saudi Aramco, from 2007 he was its executive vice president of operations.


Iraq cuts oil exports in line with OPEC deal: minister

Updated 20 March 2019
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Iraq cuts oil exports in line with OPEC deal: minister

  • An OPEC meeting in Vienna in April would assess member states’ compliance with agreed production cuts
BAGHDAD, March 14 : Iraq has cut its oil exports average to 3.5 million barrels per day in compliance with an ongoing production curb agreement, its oil minister said on Thursday.
Thamer Ghadhban told reporters an OPEC meeting in Vienna in April would assess member states’ compliance with agreed production cuts and whether to extend the curbs until the end of the year.
Iraq is committed to the deal and working to stabilize markets, he said. (Reporting by Ahmed Rasheed; Writing by John Davison; Editing by Mark Potter)