Saudi Aramco names new finance head

DUBAI: Saudi Aramco has named at least five new heads of departments including its finance unit after a government reshuffle last week saw several executives at the oil giant moving to other state posts, industry sources familiar with the matter said.

Khalid al-Dabbagh was named acting service line head for finance, strategy and development at the world´s largest oil producer, taking over on an interim basis from Abdallah al-Saadan, who was senior vice president of the department, the sources told Reuters.

In his post, Saadan was effectively chief financial officer of Aramco, overseeing preparations for its initial public offering (IPO), which is expected to take place in 2019 and be the world´s biggest.

Aramco also appointed Motassim al-Maashouq, who is vice president of IPO development, to the additional post of vice president of treasury, the sources said. Aramco declined to comment on the new appointments.