Saudi Aramco gets new chairman to prepare for public listing

Saudi Arabia's energy minister says the head of the kingdom's sovereign wealth fund is replacing him as chairman of the board of Saudi Aramco as the state-run oil giant plans an initial public offering.

The move puts some distance between Khalid al-Falih's energy ministry portfolio and Aramco, which Saudi officials say could be listed in 2020 or 2021.

Al-Falih described Yasir al-Rumayyan's appointment on Twitter Monday as "an important step to prepare the company for a public offering." Crown Prince Mohammed bin Salman first announced plans for a partial IPO in 2016. The world's most profitable company plans to list in Saudi Arabia and on an international exchange.

Al-Rumayyan, who is managing director of the Saudi Public Investment Fund, served on Aramco's board prior to becoming its chairman.