Saudi State Oil Giant Appoints First Female Board Member

MOSCOW (Sputnik) - Saudi Arabia's national oil company Saudi Aramco has unveiled the appointment of five new board of directors members, including the board's first female member - Lynn Laverty Elsenhans - the energy giant said in a statement on Sunday.

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.

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"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.

The newly appointed members will join six returning members, Saudi Aramco noted.

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.