The appointment marks the first time a member of the Saudi royal family is assigned with this position, as Prince Abdulaziz is a son of King Salman.
The new minister has previously served within the ministry and Saudi Arabia’s delegation to the Organization of the Petroleum Exporting Countries (OPEC), as well as a Minister of State for Energy Affairs since 2017.
It is worth noting that the Saudi Ministry of Energy, witnessed a recent restructuring with the establishment of a new Ministry of Industry and Mineral Resources.
Bandar bin Ibrahim bin Abdullah Al-Khorayef has been appointed as Minister of Industry and Mineral Resources.
Meanwhile, the Governor of the Saudi Public Investment Fund (PIF), Yasir Al-Rumayyan, has been appointed as the new Chairman of Saudi Aramco, replacing former energy minister, Khalid Al-Falih.
Saudi Aramco is reportedly considering a plan to split its awaited initial public offering (IPO) into two phases, with the first taking place in the local Saudi Stock Exchange (Tadawul) before the end of 2019, and the second being held in an international market, mostly the Japanese stock exchange, in 2020 or 2021.