2000 News Story

Foreign oil companies meet with investment team

Representatives of the international oil companies that have submitted investment proposals today met at the Ministry of Planning in Riyadh with the Saudi investment team comprised of specialists from the Royal Commission for Jubail and Yanbu as well as the Ministries of Petroleum and Mineral Resources, Finance and National Economy, Industry and Electricity, Agriculture and Water, and Planning. The investment team presented information on prospective programs and projects that the companies can invest in, and briefed them on the main points of the development plans, growth projections in various sectors and requirements for meeting this growth. In addition, experts from Saudi Aramco discussed investment in gas exploration, production, processing and supply, and in power generation, water desalination and petrochemical plants.

Head of the team Minister of Foreign Affairs Prince Saud Al-Faisal reported that the companies had already been briefed last week by various governmental departments on these topics. The Kingdom's goal is to attract foreign investment in all phases of gas production to provide gas in economical quantities as quickly as possible, to meet the needs of the growing services sector and ensure the establishment of a strong national industry. Available investment opportunities can achieve the Kingdom's goals of boosting the national economy through accelerating development, creating new jobs for citizens and transferring advanced technology. The companies, he said, would present their final proposals six weeks from now. Following that, the investment team, together with specialists from the departments concerned, would review and assess these proposals and prepare recommendations on them to be submitted to the Supreme Council for Petroleum and Minerals.