2001 News Story

Oil minister honors King Fahd at energy conference

Minister of Petroleum and Mineral Resources Ali Al-Naimi opened in Riyadh yesterday a conference on support services for the petroleum and energy industries, organized on the occasion today of the 20th anniversary of the accession to the throne of Custodian of the Two Holy Mosques King Fahd bin Abdulaziz. Minister Al-Naimi highlighted the significant achievements accomplished by the Kingdom over the past two decades in the area of petroleum, noting that the decisions pertaining to the oil sector taken by King Fahd have yielded positive results and greatly contributed to realizing balance in the oil market. Saudi Arabia's wise oil policy, he said, has benefited not only the Saudi, but also the global economy. He pointed out that King Fahd has always maintained that the Kingdom should adopt strategic relations with oil-consuming countries, and cited the signing in 1988 of the agreement with Texaco, and later agreements with Korean, Filipino and Greek companies. Arrangements are underway, he added, for similar agreements with petroleum companies in China and India.

Minister Al-Naimi referred to King Fahd's concern to carry out strategic decisions that serve the country, such as Saudization of the petroleum industry. The King, he said, believes in the importance of building up an integrated national Saudi petroleum industry that is capable of standing on its own in the competitive international oil market, adding that in this respect Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz had issued invitations to international petroleum companies to invest in the field of oil and gas exploration and development, and had called for the establishment of an international energy forum to undertake dialogue between the oil producing and oil consuming countries.
Meanwhile, Minister of Municipal and Rural Affairs Dr. Muhammad Al-Jarallah made a statement yesterday pointing out that over the past two decades, with King Fahd on the throne, the Kingdom has witnessed a unique transformation in the infrastructure of its economy and in its standard of living. King Fahd, he said, is the mastermind of these grand achievements. Under his leadership the government has supported the municipalities in setting up infrastructure for the utilities and services needed for development in areas such as water, roads, and environment.
Minister of Agriculture Dr. Abdullah Al-Muammar has also highlighted the close cohesion between the people and the government of Saudi Arabia under King Fahd's leadership, saying this is a model situation. Among the Kingdom's achievements, he said, are training Saudi cadres, raising production in both agriculture and industry, and supporting security, education, justice, health, and transportation.