According to the royal decree the new 12-member board with a term of three years will start functioning on Aug. 25, the Saudi Press Agency reported.

The members of the new board are: Finance Minister Ibrahim Al-Assaf; President of the King Abdul Aziz City for Science and Technology Muhammad bin Ibrahim Al-Suwaiyel; Secretary-General of the Supreme Economic Council and Chairman of the Capital Markets Authority Abdul Rahman Al-Tuwaijeri; Rector of the King Fahd University of Petroleum and Minerals Khaled bin Saleh Al-Sultan; President of Saudi Aramco Khalid A. Al-Falih; Senior Vice President of Saudi Aramco for Refining, Marketing and International Abdul Aziz bin Fahd Al-Khayyal; Saudi Aramco Senior Vice President for Engineering and Project Management Salim S. Al-Aydh; Senior Vice President of Exploration and Producing Amin Hassan Al-Nassir, former Chairman of the Royal Dutch/Shell Group Mark Moody-Stuart; former Executive Vice President of the International Finance Corporation and Managing Director of the World Bank Peter Woicke; and former Chairman and CEO of Chevron Corporation David J. O’Reilly.

Amin H. Al-Nassir and David J. O’Reilly are new members. Khalid A. Al-Falih was appointed as the new president of Saudi Aramco replacing Abdallah S. Jum’ah in Nov.2008.