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Friday, November 7, 2008

Saudis shake up energy sector as oil prices drop

ABU DHABI — Saudi Arabia, under pressure to reduce production as oil prices plummet, has replaced its longtime energy chief.

The Saudi government has replaced Abdullah Jumah as president and chief executive officer of the state-owned Saudi Aramco, Middle East Newsline reported. Jumah, in his post for 14 years, was replaced by Khalid Al Falih, vice president of operations.

Industry sources said the appointment could mark a shakeup of the Saudi energy sector.

The sources said Jumah was being considered to replace the aging Saudi Oil Minister Ali Al Naimi.

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Al Falih has been with Aramco for 30 years and held positions in exploration, production and refining operations.

He was regarded as an architect of Aramco's strategy to explore for natural gas.



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