Saudi Arabia has
sacked its oil minister Ali al-Naimi as part of a major cabinet reshuffle.
Naimi was replaced by former health minister Khaled al-Faleh in the
overhaul announced on Saturday in a series of royal decrees issued by King
Salman.
The Saudi monarch replaced the ministers in charge of the energy, oil,
water, transport, commmerce, social affairs, health and pilgrimage portfolios
and established a new recreation and culture commission.
State television said the oil ministry would now be known as the
Ministry of Energy, Industry and Mining.
Naimi was appointed oil minister in 1995 after serving as the head of
Saudi Aramco, the country’s national energy company and one of the richest
companies in the world.
The long-serving minister was responsible for Saudi Arabia’s policy of
continuing to maintain oil production at the same rate despite low oil prices.
Prices fell to a 12-year low of below $30 in January but have since
recovered to around $45.
The drop has led to Saudi Arabia revamping its economic polices to take
into account a future without a heavy reliance on oil.
The country’s ‘Vision 2030’ plan envisages a diverse economy involved in
global markets driven by a public investment fund.
Policies proposed in recent months include a partial public offering of
around five percent in Aramco and the introduction of a ‘green card’ system to
grant expatriates permanent residency and reduce the flow of money outside of
the country in remittances.
No comments
Post a Comment
Got a story for me? call +2348181832983
We'd love read your comment or opinion, so don't read and close.