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Saudi Arabia to restructure Aramco, separate it from oil ministry: Arabiya TV
[EN.ZAMANALWSL.NET] Soddy Arabia...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... 's Supreme Economic Council has approved a restructuring of state oil company Saudi Aramco [SDABO.UL] that includes separating it from the oil ministry, Al Arabiya television channel reported on Friday, citing sources. There are no indications that the move will lead to changes in the fundamental way the world's top crude exporter makes its oil decisions. "Saudi Supreme Economic Council agrees on Deputy Crown Prince Mohammed bin Salman's vision of restructuring oil-giant Aramco," Arabiya reported on its Twitter account. "Restructuring of Saudi Aramco includes separation from petroleum ministry," the channel said. The Supreme Economic Council is a new body formed by King Salman ...either the largest species of Pacific salmon or the current Sheikh of the Burnin' Sands, Cutodian of the Two Holy Mosquesand Lord of Most of the Arabians.... earlier this year to replace the Supreme Petroleum Council, which used to help set the kingdom's oil policy. The new council is headed by the king's son Prince Mohammed, a move seen by analysts as laying the ground for a generational shift in how Riyadh develops its energy and economic strategies. The main tenets of Saudi oil policy, including maintaining the ability to stabilize markets via an expensive spare-capacity cushion and a reluctance to interfere in the market for political reasons, are set by the top members of the ruling Al Saud family. On Wednesday, King Salman appointed Saudi Aramco's chief executive as chairman of the state oil firm and health minister, as part of a major reshuffle in the OPEC kingpin. Posted by: Fred 2015-05-14 |
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