Saudi Arabia has announced a reshuffling in its former most important ministry – the Energy, Mineral Resources and Industry Ministry – as the kingdom prepares for a transformational future, Kallanish Energy reports.

The shake up comes ahead of the initial public offering (IPO) of Saudi Aramco – the world’s largest crude oil exporter – and at a time of lower-than-budgeted oil prices.

A new standalone industry and mineral resources ministry has been created and will be led by businessman Bandar Al-Khorayef – who will be in charge of the country’s oil sector. Under the royal decrees announced Friday, Khalid Al-Falih, former oil minister, will remain energy minister.

Although now having reduced influence in the oil sector, Al-Falih is still expected to continue his role as chairman of Saudi Aramco and leader of the Saudi delegation in Opec. But the mammoth task of transforming the oil-reliant Saudi economy into a more industrialized one, will be now in the hands of Al-Khorayef.

Al-Falih inherited the mining and industry ministry when he was appointed energy minister in 2016, and in January disclosed an ambitious $427 billion plan to develop the kingdom’s industrial sector. However, slow progress on the implementation of the industrial development plan is reportedly the reason for the reshuffling.

This post appeared first on Kallanish Energy News.