Al-Naimi: Kingdom Continues Investment in Oil and Gas Industry, Despite Low Prices
October 02, 2015
Minister of Petroleum and Mineral Resources Ali Al-Naimi said that Saudi Arabia is continuing investment in all phases of oil and gas industry, despite the current decline in prices, in addition to investment in other sources of energy such as solar energy.
Address the first Ministerial Meeting of the Ministers of Petroleum and Energy of the Group of Twenty, held in Istanbul October 1 - 2, Minister Al-Naimi said that the world is in need of access to energy in a clean and continuing form available for all at the present time and for future generations around the world.
The Minister who headed the Kingdom of Saudi Arabia's delegation participating in the meeting pointed out that one among the most important factors that helps to achieve this objective is the movement of prices clearly affecting the current and future investments, particularly in the long term in an important industry such as oil.
Minister Al-Naimi emphasized the importance of investment in science, research and technology to make fossil energy sources cleaner and more appropriate to the requirements of the environment, and more happiness and prosperity for the future generations.