Saudi Aramco chief financial officer who helped drive the IPO down | Oil and Gas Issues

Former finance minister Khalid Al-Dabbagh was at the forefront of a series of demonstrations on the Riyadh list.

Saudi Aramco has appointed Ziad al-Murshed as its chief financial officer, replacing Khalid al-Dabbagh who helped lead the oil giant through their first offering in 2019.

Al-Dabbagh, 59, has joined the company and is retaining the chairman of Aramco-sponsored company, Saudi Basic Industries Corp., according to sources familiar with the matter, who have requested anonymity.

Al-Murshed, former vice president of Aramco’s oil and gas industry and operations, has become a CFO. Bloomberg began reporting the matter Wednesday.

The company holds its annual general meeting on Thursday at 7:00 pm local time.

The pre-global release of IPO by Aramco was an important part of the monarchy’s quest to unlock wealth for foreign investors.

Al-Dabbagh, who became the second largest economy, ideas and development leader in 2018, was at the forefront of the exhibition of what was on the Riyadh list. The $ 29 billion IPO was too big, even though the company failed to hit the $ 2 trillion that Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler, expects.

Al-Murshed joined Aramco in 1991 and also oversaw the acquisition of the company, located in Dhahran in eastern Saudi Arabia. A professional medical device manufacturer is also part of the Sabic team, S-Oil Corp. in South Korea and Motiva Enterprises LLC in Houston.

Aramco last changed its senior management in August, when it set up a development unit, led by vice-president Abdulaziz Al Gudaimi and looking to “improve history.” Since then, the company has raised $ 12.4 billion in sales of piped oil. He plans to sell part of his pipeline business, people who know this are from Bloomberg.