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Report: Saudi Aramco names sovereign wealth fund head as chairman

State-owned oil giant Saudi Arabian Oil Co., or Saudi Aramco, named the governor of the Public Investment Fund of Saudi Arabia Yasir Al-Rumayyan chairman, replacing Saudi Energy Minister Khalid Al-Falih, Bloomberg News reported Sept. 2, citing a Saudi source.

The source said the appointment of Al-Rumayyan is meant to separate the kingdom's energy ministry from Saudi Aramco and to avoid any conflicts of interest ahead of the company planned IPO.

The report adds that Al-Rumayyan is a key adviser to Saudi Crown Prince Mohammed Bin Salman.