letter of intent to participate in Saudi Natural Gas initiative
Sir Mark Moody-Stuart,
Chairman of the Royal Dutch/Shell Group of Companies, signed yesterday
a Letter of Intent expressing Shell's interest in participating in the
Saudi Natural Gas Initiative.
The LOI was signed in response to an invitation
to Shell from HRH Prince Saud al-Faisal, Chairman of the Negotiating Team
overseeing the gas initiative. Shell has participated in the Saudi process
since Crown Prince Abdullah first called for proposals from international
companies in late 1998.
Sir Mark described the LOI as a "very positive step". He added:
"The Saudi gas opening process provides an excellent opportunity for
Shell to build upon its long history of partnership with the Saudi government
and the Saudi people."
Shell has been active in the Kingdom of Saudi Arabia since the 1940s and
has invested over $7 billion with its partners in petrochemicals, refining,
and other downstream business ventures. i