2001 News Story

Oil minister comments on success of Marrakesh conference

At the seventh meeting of the signatories of the United Nations agreement on climate change, which ended today in Marrakesh, Morocco, Minister of Petroleum and Mineral Resources Ali Al-Naimi commented that the conference had achieved what the Kingdom had long demanded, explaining that Saudi Arabia is defending its interests in the long and short terms by opposing approval of certain regulations that might harm the petroleum industry. "For the first time," he said, "it has been agreed that industrial countries review and study biases they currently impose on oil products, such as high taxes, and the subsidies they provide to other energy sources like coal and nuclear power. Agreement was reached to work to eliminate these biases and ensure fair treatment of all sources of energy.''