2000 News Story

Discussions begin with potential gas investors

In line with the directives of the Supreme Council for Petroleum and Minerals (SCPM), Foreign Minister Prince Saud Al-Faisal today held the first of a series of meetings with foreign companies interested in investment in the Kingdom in the areas of natural gas and post-production in the petroleum sector. Today's meeting was with Shell.

Following the meeting, Prince Saud Al-Faisal observed that Saudi Aramco is the world's largest petroleum company, and clarified that the current talks with oil and gas companies do not aim at technological development; rather, the aim is investment in the potential of natural gas. For petroleum, investment is sought only at the post-production stage. He went on to point out that Saudi Arabia's concern is to have a positive impact on the national economy and pave the way for more job opportunities. Each billion dollars spent in oil and gas means 10,000 to 16,000 jobs for Saudis, and the volume of investment is expected to be around $100 billion.
Meanwhile, Governor of the Saudi Arabian Monetary Agency (SAMA) Hamad Al-Sayyari, in Washington DC for meetings at the International Monetary Fund and the World Bank Group, has remarked that developments in the global oil market have had a positive impact on the Saudi economy. Speaking at the Development Committee's meeting yesterday, he praised the responsible role played by the oil producers, whether OPEC or non-OPEC, and the Kingdom in particular in stabilizing the oil market. Pointing to the steady growth of the Saudi economy, he reviewed the efforts made by the government to implement economic policies geared to diversification and broadening of the productive base.