Saudi Aramco chief financial officer who helped lead IPO steps down | Oil and Gas News

Former CFO Khalid Al-Dabbagh was at the forefront of the roadshow for the listing on the Riyadh stock exchange.

Di Bloomberg

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

Al-Dabbagh, 59, will join the company’s board and hold the presidency of Aramco’s chemical subsidiary, Saudi Basic Industries Corp., according to people familiar with the matter, who have asked not to be identified.

Al-Murshed, Aramco’s first vice president for fuels and lubricants and also for international operations, will initially become CFO in office. Bloomberg reported the first news Wednesday.

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

Aramco’s IPO and the first issuance of international bonds shortly before were a key part of the government’s plans to open up the economy to foreign investors.

Al-Dabbagh, who became senior vice president of finance, strategy and development in 2018, was at the forefront of the roadshow for listing on the Riyadh stock exchange. The $ 29 billion IPO was the largest ever made, even though the company failed to reach the $ 2 trillion valuation that Crown Prince Mohammed bin Salman, the de facto governor of Saudi Arabia, had. hopefully.

Al-Murshed joined Aramco for the first time in 1991 and first oversaw acquisitions for the company, based in Dhahran in eastern Saudi Arabia. A chemical engineer by training, he is also on the board of Sabic, S-Oil Corp. in South Korea is at Motiva Enterprises LLC, based in Houston.

Aramco replaced the last directorate in August, when he created a corporate development unit, led by senior vice president Abdulaziz Al Gudaimi and focused on “portfolio optimization”. Since then, the company has raised $ 12.4 billion from the sale of a stake in its oil pipeline unit. He plans to sell part of his gas pipeline business later, people familiar with the situation told Bloomberg.

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