Saudi Arabia has sacked its oil minister Ali al-Naimi as part of a major cabinet reshuffle, state media reported.
Naimi
was replaced by former health minister Khaled al-Faleh in the overhaul
announced on Saturday in a series of royal decrees issued by King
Salman.
The Saudi monarch replaced the ministers in charge of the
energy, oil, water, transport, commmerce, social affairs, health and
pilgrimage portfolios and established a new recreation and culture
commission.
State television said the oil ministry would now be known as the Ministry of Energy, Industry and Mining.
Naimi
was appointed oil minister in 1995 after serving as the head of Saudi
Aramco, the country’s national energy company and one of the richest
companies in the world.
The long-serving minister was responsible
for Saudi Arabia’s policy of continuing to maintain oil production at
the same rate despite low oil prices.
Prices fell to a 12-year low of below $30 in January but have since recovered to around $45.
The drop has led to Saudi Arabia revamping its economic polices to take into account a future without a heavy reliance on oil
The country’s ‘Vision 2030’ plan envisages a diverse economy involved in global markets driven by a public investment fund.
Policies
proposed in recent months include a partial public offering of around
five percent in Aramco and the introduction of a ‘green card’ system to
grant expatriates permanent residency and reduce the flow of money
outside of the country in remittances.
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