KHOBAR, Saudi Arabia, April 24 State oil giant
Saudi Aramco has appointed company veteran Motassim
al-Maashouq to officially oversee preparations for its initial
public offering (IPO), industry sources told Reuters.
Maashouq, who most recently worked as vice president of
corporate planning and is viewed by industry insiders as well
connected with the financial community, has taken up the
position of vice president of IPO development, the sources said.
Saudi Aramco said it did not comment on rumour or
The Saudi government plans to list up to 5 percent of Aramco
on the Saudi stock exchange in Riyadh, the Tadawul, and on one
or more international markets. Analysts think this could raise
$100 billion, based on Aramco being valued at $2 trillion.
The IPO is the centrepiece of the government's plan, known
as Vision 2030, to diversify the economy away from oil.
Yasser Mufti, executive director of new business
development, has been named acting vice president of corporate
planning, replacing Maashouq for an interim period, the sources
said, speaking on condition of anonymity as the changes are not
Maashouq joined Aramco in 1984 and has worked as treasurer,
as well as president and chief executive officer of Aramco's
previous affiliate in the Philippines, Petron Corp, among other
positions. He is chairman of Saudi Aramco Luberef.
(Reporting by Reem Shamseddine; Editing by Mark Potter)