Saudi Arabian Oil Co. (Saudi Aramco) on Monday appointed Motassim Al-Maashouq to officially oversee preparations for its planned initial public offering (IPO), Reuters reported, citing unnamed industry sources.
Maashouq, vice president of corporate planning, joined Aramco in 1984 and held several positions as treasurer, president and chief executive of Aramco's previous affiliate in the Philippines, Petron Corp, is known for strong connections with the financial community, the sources added.
The state-run oil producer, however, declined to comment.
Meanwhile, Yasser Mufti, executive director of new business development, has been named acting vice president of corporate planning.
Saudi Arabia is planning to list up to 5 percent of Aramco on Tadawul, and on one or more international markets.
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