2004 Press Release

Saudi Arabia ready to invest in new U.S. refineries
Saudi oil minister reaffirms pledge to keep oil prices low

[Washington, DC] -- Speaking to a conference yesterday entitled U.S.-Saudi Relations and Global Energy Security sponsored by the U.S.-Saudi Arabian Business Council and the Center for Strategic and International Studies (CSIS), Saudi Arabia’s Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi reiterated that Saudi Arabia would be willing to invest in the establishment of two new oil refineries in the United States.

“On this occasion, let me state emphatically, that Saudi Arabia is willing and ready to invest in two new refineries and their associated marketing facilities in the U.S. to help alleviate some of the bottlenecks in product availability,” declared Al-Naimi.

Minister Al-Naimi reiterated Saudi Arabia’s pledge to keep oil prices between $22 and $28 per barrel to stabilize the world’s oil market. There is, he said, no shortage of crude oil in the market, attributing the rise in gasoline prices in the United States to market speculation, refinery bottlenecks and environmental regulations.

Minister Al-Naimi concluded his remarks by assuring the audience that Saudi Arabia is committed to its role as the world’s most reliable energy producer, saying: “Both of our countries also understand the importance of stability in the oil market, security of supply and reliability of deliveries. That is why Saudi Arabia has committed itself to be the world's most reliable supplier of energy. We back up this commitment by having developed and nurtured an oil industry whose capabilities, I am proud to say, are second to none.”