Saudi Arabia plans to form “a higher committee for hydrocarbons,” which will fall under the leadership of Crown Prince Mohammed bin Salman, according to the state-run Saudi Press Agency.
The decision for the creation of a body to oversee the oil and gas sectors was approved in a cabinet meeting chaired by King Salman.
“The committee will be a reference for all hydrocarbon issues and everything relating to them and a representative of the state’s rights and linked to them,” the statement from the SPA said.
The kingdom’s energy, economy, trade and finance ministers will be members of the body.
The creation of the committee comes at the recommendation from the Council of Economic and Development Affairs (CEDA) and received approval from the cabinet during that body’s first meeting in Saudi Arabia’s planned megacity, NEOM.
Photos shared on social media by Bader Al-Asaker, the head of the Crown Prince’s private office, show glimpses of the first cabinet meeting held in NEOM.