Saudi Aramco names its CEO as President

Saudi Arabia’s state-run oil and gas company, Saudi Aramco, has appointed its CEO Amin H. Nasser as President, and also made a number of changes during a meeting in Jeddah, the company reported on Thursday.

Nasser, who is also the member of the company’s Board of Directors, was appointed acting President and CEO of the world’s largest oil producer in May 2015.

The Saudi Aramco Supreme Council held its first meeting under the chairmanship of His Royal Highness Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, Second Deputy Prime Minister, Minister of Defense, Chairman of the Board of Economic Affairs and Development.

The meeting featured a presentation on Saudi Aramco and its role in supporting the Saudi Arabia’s sustainable development. It also included an expose on Saudi Aramco’s Accelerated Transformation Program which aims to realize the company’s aspiration to be an integrated energy and petrochemicals enterprise and the company’s role in supporting the Kingdom’s sustainable development through this program.

The council also endorsed a five-year business plan (2015-2019) including the related capital program, appointed independent auditors for the company and its subsidiaries and determined their remuneration for 2015. During the meeting, the council approved the company’s 2014 balance sheet and the profit and loss account.

The council also approved the 2014 Annual Report of the Board of Directors and discharged the members of the Board of Directors from liability for their management of the company during the same year.

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