Riyadh – Mubasher: State-run Saudi Aramco has announced the appointment of new five board members, including a woman, Minister of Energy, Industry and Mineral Resources and Aramco’s chairman Khalid Al-Falih said on Sunday.

The new members comprise Saudi Finance Minister Mohammed Al-Jadaan, Economy Minister Mohammad Al Tuwaijri, in addition to the former president and CEO of Chevron Phillips Chemical Co Peter Cella, Al-Falih added in a statement.

The new members also include Lynn Elsenhans, former chairwoman of Sunoco Inc, and the outgoing chairman and chief executive officer of Dow Chemical Co. Andrew Liveris.

The new board members have prior experience in overseas oil and petrochemical businesses as the world's largest oil producer plans a possible initial public offering (IPO) that is likely to be the world's biggest share sale and could raise tens of billions of dollars.

Aramco's IPO is the mainstay of the kingdom's economic transformation programme that aims to set up new industries and diversify the Saudi economy away from petrodollars.

“Aramco is seeking at the same time to double refining capacity and boost petrochemical production to ensure a market for its crude,” Bloomberg News reported.

The Middle Eastern oil giant is weighing up establishing refineries in a slew of Asian countries, including China, India, in a bid to tap Asia, the fastest-growing regional markets for oil products, Bloomberg said.

Aramco is also boosting capacity to manufacture chemicals from crude at its plants in Saudi Arabia and the US.