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SAUDI OIL POLICY A FACTOR OF STABILITY IN THE WORLD MARKET
Jeddah,12th March 2001
THE OIL POLICY OF SAUDI ARABIA HAS BEEN ALWAYS CONSIDERED A FACTOR OF STABILITY IN THE WORLD MARKET, ACCORDING TO THE ITALIAN AMBASSADOR TO THE KINGDOM, TORQUATO CARDILLI.

IN AN INTERVIEW WITH THE JEDDAH-BASED SAUDI GAZETTE, HE SAID ITALY, THROUGH ITS NATIONAL OIL COMPANY 'ENI,' HAS BEEN PURSUING CONSTANTLY A LONG-TERM POLICY OF COOPERATION WITH THE KINGDOM, ESPECIALLY IN THE PROMISING SECTOR OF GAS EXPLOITATION.

'THE TWO COUNTRIES, IN ORDER TO REINFORCE THE ECONOMIC PARTNERSHIP AND RECIPROCAL INVESTMENTS, HAVE REALIZED THAT IT IS NECESSARY TO ESTABLISH, BY A FORMAL AGREEMENT, THE LEGAL FRAMEWORK AND OPERATIVE RULES TO AVOID DOUBLE TAXATION,' HE ADDED.

THE AMBASSADOR AFFIRMED THAT RELATIONS BETWEEN ITALY AND SAUDI ARABIA ARE BASED ON A LONG-STANDING TRADITION OF SINCERE FRIENDSHIP AND CLOSE COOPERATION COVERING A WIDE SPECTRUM OF ACTIVITIES AND SIMILARITIES OF VIEW ON MAJOR INTERNATIONAL ISSUES. 'OUR RELATIONS ARE CERTAINLY NOT LIMITED TO THE ECONOMY AND BUSINESS FIELDS ONLY BUT COVER ALSO CULTURAL AND SOCIAL ASPECTS. WE HAVE DEVELOPED, ESPECIALLY IN THE PAST DECADE, A VERY CLOSE POLITICAL DIALOGUE WITH SAUDI ARABIA ON THE MAIN ISSUES OF THE INTERNATIONAL POLITICAL AGENDA, SHARING THE COMMON OBJECTIVES OF ENSURING PEACE AND STABILITY,' THE ITALIAN AMBASSADOR SAID.

'SAUDI ARABIA IS INTERNATIONALLY ACKNOWLEDGED AS A KEY-POWER FOR THE PROTECTION OF PEACE AND STABILITY NOT ONLY IN THE GULF AND MID-EAST REGIONS, BUT ALSO FOR THE INTERNATIONAL ECONOMY AT LARGE,' HE ADDED.

Source: SPA

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