JEDDAH: Saudi Arabia has created a new 10-member supreme council for Saudi Aramco, headed by Deputy Crown Prince Mohammed bin Salman, according to a statement on Aramco’s website.

The Aramco statement was providing details of the company’s annual meeting in Seoul, South Korea last week. The agenda included a briefing by Saudi Oil Minister Ali Al-Naimi “on the recent dissolution of the Supreme Council for Petroleum and Mineral Affairs and the creation of the Supreme Council of Saudi Aramco.”

On Friday, Al Arabiya television channel said Saudi Arabia’s Supreme Economic Council had approved a restructuring of Aramco that included separating it from the oil ministry.