New oil minister for Saudi Arabia

Sunday, 8 May 2016 12:37

Saudi Arabia has replaced its veteran oil minister as part of a series of nation-wide economic reforms. After more than two decades in the post, Ali Al-Naimi will be succeeded by Khalid Al-Falih, who is currently the chairman of state oil company Saudi Arabian Oil Co. The change comes as the world’s largest crude exporter embarks on an economic overhaul designed to make it less reliant on energy. The moves are part of a wider government revamp that also saw the appointing of a new central bank governor.

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