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Saudi Arabia's state-owned energy giant has appointed a woman to its board of directors for the first time in its history, in the latest shake-up of Saudi Aramco's management.

The oil giant will see  appointed to the board, one of the biggest names in the energy industry.

Elsenhans is the former chairperson, CEO and president of US oil refiner Sunoco Inc.

She was named as Forbes most powerful woman in 2008 and was also a former executive vice president of Royal Dutch Shell, a company where she worked for nearly three decades.

Elsenhans will also bring other non-oil corporate experience to the table, as Saudi Aramco prepares to sell a five percent share of the world's biggest energy company to private investors.

Saudi Arabia is banking big on the part privatisation of the company next year, to help fund a series of expensive infrastructure developments.

Riyadh hopes of raising $100 billion from the listing has been viewed as over optimistic by many economists, due to the secrecy that still surrounds the oil giant.

Saudi Arabia's government appointed all 11 board members of Aramco.

Also chosen by Riyadh in Sunday's shake-up of the Aramco board was Finance Minister Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri, Reuters reported.

Saudi Energy Minister Khalid al-Falih will stay on as Aramco chairman, while Minister of State Ibrahim al-Assaf and managing director of the state-owned Public Investment Fund Yasir al-Rumayyan will also remain on the board.