2003 News Story

Oil minister comments on Kingdom's booming industrial sector

In a recent statement, Minister of Petroleum and Mineral Resources Ali Al-Naimi commented on the importance to the Kingdom's economy of industries that utilize hydrocarbon resources. These industries, he said, not only contribute to Saudi exports, but account for 7 percent of the Gross National Product (GNP); they attract international as well as domestic capital, and provide opportunities for national employment. Saudi Aramco is supplying large amounts of gas and gas-related products to a number of new petrochemical projects, for which both Saudi and international investment is being facilitated, and which are expected to come into operation between 2006 and 2009, initially providing about 12,000 jobs. The products of these projects will form feedstock for the manufacture of plastics, carpeting, insulating materials, industrial solutions, fertilizers, and metals.