2003 News Story

Oil minister elaborates on new energy company

In a press statement today, Minister of Petroleum and Mineral Resources Ali Al-Naimi elaborated on the 'Manufacturing and Energy Services Company' announced yesterday by the Council of Ministers. A stock company with a capital of SR 533 million, it will operate in the field of services supporting such industries as oil production, petrochemicals, water desalination, and electricity generation. The company will not only provide services, but manufacture some of the materials and equipment used in these industries that are at the moment being imported. The government will hold 40 percent of its capital; 60 percent will be as shares owned by national companies and businesses, with part offered for general subscription. Minister Al-Naimi explained that the new company comes in line with the government's policy of privatizing certain public companies, providing job opportunities for citizens, and offering training.