Saudi’s Tasnee Names SABIC Finance Head As New CEO

The chief financial officer of Saudi Basic Industries Corp (SABIC) said he has left the petrochemical company to become chief executive of National Industrialisation Co (Tasnee).

Tasnee earlier said in a statement it had appointed Mutlaq al-Morished to head the company, effective January 12, replacing Saleh bin Fahad al-Nazha who is leaving on Dec. 31 for personal reasons.

Morished told Reuters his appointment by Tasnee would see him leave Sabic.

Morished is also chairman of Saudi Kayan Petrochemical Co , representing Sabic which has a 35 percent stake in the firm. He said his position with Kayan had yet to be determined by the Kayan board and by Sabic.

A Sabic official said the board would meet to decide on Morished’s replacement. He gave no details on the timing of the meeting or on what would happen at Kayan.

Tasnee is active in petrochemicals and industrial projects in Saudi Arabia. It said last week it had completed a SAR1.8 billion ($479.6 million) deal to buy a further 13 per cent stake in its Cristal subsidiary.