June 5, 2018 / 9:22 AM / 9 months ago

Saudi Aramco names new head of finance after govt reshuffle - sources

DUBAI, June 5 (Reuters) - Saudi Aramco has named at least five new heads of departments including its finance unit after a government reshuffle last week saw several executives at the oil giant moving to other state posts, industry sources familiar with the matter said.

Khalid al-Dabbagh was named acting service line head for finance, strategy and development at the world’s largest oil producer, taking over on an interim basis from Abdallah al-Saadan, who was senior vice president of the department, the sources told Reuters.

In his post, Saadan was effectively chief financial officer of Aramco, overseeing preparations for its initial public offering (IPO), which is expected to take place in 2019 and be the world’s biggest.

Aramco also appointed Motassim al-Maashouq, who is vice president of IPO development, to the additional post of vice president of treasury, the sources said.

Aramco declined to comment on the new appointments.

In the government reshuffle announced on Saturday under royal orders from King Salman, Saadan was named chairman of the Royal Commission for Jubail and Yanbu, a government body formed to manage and oversee the development of those two cities.

Saudi Arabia also named a prominent businessman as labour minister and several new deputies to the Energy, Industry and Minerals Ministry.

The Aramco appointments also include Mohammed Shammary, who becomes vice president for procurement and supply chain management, replacing Abdulaziz al-Abdulkarim, the sources said.

Abdulkarim was appointed on Saturday to the post of deputy energy minister for industry affairs.

Nabeel al-Jama’ was named vice president for corporate affairs, replacing Nasser al-Nafisi, who was appointed to the position of assistant energy minister, while Nabil al-Dabal now heads the human resources department, the sources said.

Reporting by Rania El Gamal; Editing by Dale Hudson

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