SABIC appoints new chairman as Aramco takes control

Saudi Basic Industries Corporation (SABIC) has named a new chairman in line with the company’s takeover by the kingdom’s oil giant Aramco.
Khalid Hashim Al Dabbagh will succeed Abdulaziz Saleh Aljarbou, following an approval on June 16, Zawya reports citing a stock exchange statement.
Aramco early this week acquired 70 per cent of the world’s fourth largest petrochemicals firm for a total investment $69.1 billion.
The takeover has been on the pipeline since last year after Aramco signed with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF).
Three other appoints have been on the sidelines of Dabbagh’s nomination. Al Dabbagh (executive), Olivier Gerard Thorel (non-executive), and Ziad Thamer Al Murshed (non-executive) come onboard after Aljarbou, Roberto Gualdoni and Rashid Ibrahim Sharif have resigned.

Written by