The grand old man from Dhammam area of Saudi Arabia ,where the Al Niami family is located is finally out of a job. Not that he needs one in any case.His replacement said this on his appointment "Saudi Arabia will maintain its stable petroleum policies," Khalid al-Falih said in a statement a day after King Salman appointed him to replace the former oil minister Ali al-Naimi. Khalid al Falih was till recently the head of ARAMCO.
This move is not going to change the Saudi position in any way dramatically but only a form of window dressing when it does go out for the IPO which is soon due for ARAMCO and in their bid to monetise the mineral assets .Further more they way he has been make his pronouncements the new oil minister will not make any changes any time soon. A sample of this is given next......Falih said the new ministry was created "in line with the ambitious objectives" of the vision which has pledged "transparency and accountability". The new approach "will help the kingdom to better meet domestic and international energy demand," while integrating and diversifying energy and other resources, he said.
This move is not going to change the Saudi position in any way dramatically but only a form of window dressing when it does go out for the IPO which is soon due for ARAMCO and in their bid to monetise the mineral assets .Further more they way he has been make his pronouncements the new oil minister will not make any changes any time soon. A sample of this is given next......Falih said the new ministry was created "in line with the ambitious objectives" of the vision which has pledged "transparency and accountability". The new approach "will help the kingdom to better meet domestic and international energy demand," while integrating and diversifying energy and other resources, he said.