RIYADH — Yasir Al-Rumayyan, governor of the Public Investment Fund (PIF) and the new chairman of the Board of Directors of the state oil giant Saudi Aramco, said that he will work with his colleagues in the board to ensure the highest standards of transparency, efficiency and effectiveness.

He also pointed out that the board would work with various ministries and relevant international bodies in preparation for the company’s public offering as well as to achieve the results of the Kingdom’s Vision 2030.

Al-Rumayyan thanked Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman, who is also chairman of the Board of Directors of PIF, on the occasion of appointing him as Aramco chief.

“I ask Almighty Allah to bestow success and help us fulfill this precious royal trust so as to achieve the aspiration of our wise leadership in realizing welfare of citizens and prosperity for the country, as well as to maintain the Kingdom’s security and stability,” he said.

Al-Rumayyan was made head of an executive committee overseeing plans to float shares in Saudi Aramco before he was named new chairman of Aramco this week, five sources familiar with the matter said.

Al-Rumayyan took over control of the committee from Finance Minister Mohammed Al-Jadaan in July, the sources told Reuters, as preparations for the listing speed up.

The committee reports directly to Crown Prince, who wants to sell a 5% percent stake in Aramco as part of an ambitious plan to transform the economy of the world's top oil exporter and wean it off crude revenues.

The move is a significant indication that the Kingdom is gearing up to fast-track a local listing of Aramco, by bringing in Al-Rumayyan who has great experience with local IPOs at both government and private sectors.

The past few days have seen Al-Rumayyan replace Energy Minister Khalid Al-Falih as Aramco chairman and Al-Falih lose his seat on the company's board as momentum builds to prepare for the sale.

Al-Falih said on Twitter that Al-Rumayyan's appointment was "an important step to prepare the company for the public offering."

Al-Rumayyan's time as head of securities listing at the Saudi stock market regulator between 2004 and 2007 qualified him to take over the process from Al-Jadaan, a veteran lawyer, another source told Reuters.

The new Aramco chairman, a former investment banker, had also served on the board of the local stock exchange.

The finance minister remains on the IPO executive committee, which also includes Economy Minister Mohammed Al-Tuwaijri and royal court adviser Fahad Tunisi, two of the sources said.

Aramco has already asked major banks to submit proposals for potential roles in the IPO. — SPA/Reuters