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Companies to invest in Saudi gas sector approved
Riyadh 18th May 2001

 Eight oil conglomerates were today announced to have won different investment opportunities in three giant gas fields in the Kingdom of Saudi Arabia. Prince Saud Al Faisal, the Foreign Minister and Supervisor of the Negotiating Team with international oil companies bidding to invest in the gas sector in the Kingdom, announced the list of leading international energy companies that have received the approval of Saudi Arabia's Higher Petroleum and Mineral Affairs Council to take roles in the development of upstream gas operations in the Kingdom.

In a statement to the Saudi Press Agency (SPA), Prince Saud Al Faisal stated that the companies selected are Exxon Mobil, Royal/Dutch Shell, British Petroleum (BP), Phillips, Enron, Occidental, Total Fina Elf and Conoco.

Detailing the shares of winners, Prince Saud Al Faisal told SPA that the first core project, located north of the Empty Quarter, would be implemented by a consortium consisting of Exxon Mobil, Shell, BP and Phillips. A consortium, headed by Exxon Mobil, and also comprising Occidental Petroleum and Enron, will implement the second core project, located along the Red Sea coast in the northwest of the Kingdom, he said.

The Prince added that the third core project of al Sheibah Field in the Southeastern region of the Empty Quarter would be implemented by a consortium consisting of Shell, Total Fina Elf and Conoco.

Prince Saud Al Faisal said the Ministerial Committee assigned to conduct the negotiations which he was supervising consisted of Ali bin Ibrahim Al Naimi, Minister of Petroleum and Mineral Resources, Dr. Hashim bin Abdullah Yamani, Minister of Industry and Electricity, Dr. Ibrahim bin Abdul Aziz Al Assaf, Minister of Finance and National Economy, and Khalid bin Mohammad Al Qusaibi, Minister of Planning.

The Committee will later identify the companies that will lead the consortia which will implement the first and third projects, he said.

Prince Saud Al Faisal said that, during the few coming weeks, preparatory agreements with the selected companies would be signed to determine and design the projects, determine sums to be invested in them and the timetables for them.

Praising the performance of the Ministerial Committee, Prince Saud Al Faisal said: “Strictly examining the offers, the Committee has done a good job in record time.”

Source: SPA©
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23 May 2001 10:32:02 AM

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