Saudi Aramco to be restructured, reportedly
RIYADH, May 1, 2015 – Saudi Arabia’s Supreme Economic Council has approved a restructuring of state oil giant Saudi Aramco. This would include separating it from the oil ministry, Reuters reported national broadcast Al Arabiya as saying on Friday.
There are no indications that this would lead to changes in the predominant approach of the national oil company.
“[The] Saudi Supreme Economic Council agrees on Deputy Crown Prince Mohammed bin Salman’s vision of restructuring oil-giant Aramco. […] Restructuring of Saudi Aramco includes separation from the petroleum ministry,” Arabiya was reported as saying on its Twitter account, citing sources.
The Supreme Economic Council is a new body formed by King Salman earlier in 2015. It replaced the Supreme Petroleum Council, which used to help set the country’s oil industry policy.