The historic decision comes in light of the upcoming initial public offering (IPO) of the Saudi state giant, set to take place in second half of 2018 after it was delayed several times.
READ MORE: Ready, Steady, Go! Saudi Women Not Only Drive, But From Now On Run in Marathons
"The five new appointed members are: H.E. Mohammed A. Al-Jadaan, Minister of Finance; H.E. Mohammed M. Al-Tuwaijri, Minister of Economy and Planning; Mr. Peter L. Cella, former Chevron Philips Chemical Co. LP President & CEO (2011-2017); Ms. Lynn Laverty Elsenhans, former Chairwoman, President & CEO, Sunoco Inc., (2008-2012); Mr. Andrew N. Liveris, Director (2017- present*) and Former Executive Chairman, DowDuPont Inc, (2017-2018),” the statement read.
In February, Russian Direct Investment Fund (RDIF) CEO Kirill Dmitriev said that Russian investment banks are interested in helping organize Saudi Aramco's IPO.
Saudi Aramco, founded in 1933 and headquartered in the city of Dhahran, is the national oil company of Saudi Arabia. The corporation controls almost all oil-producing capacities of the Middle Eastern country.