2007 News Story

Oil Minister highlights Saudi oil and gas policies in AEF address

In an address to the 2007 Arab Economic Forum in Beirut today, Minister of Petroleum and Mineral Resources Ali Al-Naimi said that the Kingdom expects international oil markets will remain stable “for many years to come.”

He highlighted Saudi Arabia’s successful economic development, and characterized the future of the Saudi economy as “bright and promising.” The Kingdom is committed to continuing with its economic reforms, he noted.

This economic growth in Saudi Arabia will reflect positively on most Arab countries, he said.  Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz remains committed to Arab economic cooperation that will help the countries of the region address challenges and allow their people to realize their aspirations.

He outlined six major components of the Kingdom’s oil and gas policy. They include expanding the petrochemical industries sector; moving beyond the production of primary petrochemicals to middle and finished petrochemicals; developing the mining sector and linking it with the energy sector; increasing the role of Saudi companies in the energy support sector; training young Saudis to fill jobs in the oil industry; and focusing on research and new technology.

Transcript of Al-Naimi's remarks