Minister inaugurates oil
conference in Riyadh
Nov 6, SPA -- Minister
of Petroleum and Mineral Resources Ali Al-Naimi inaugurated here on Monday
evening the Conference and Exhibition of the Supporting Services of the
Petroleum Industries and Energy Industry, organized on the occasion of the 20th
Anniversary of the Custodian of the Two Holy Mosques King Fahd's accession to
Speaking on the occasion, Al-Naimi highlighted the significant
achievements accomplished by the Kingdom in the last two decades in the
He noted that the decisions pertaining to the petroleum sector
taken by King Fahd had yielded positive results and had contributed to achieving
balance in the Saudi petroleum market. Al-Naimi noted that the Kingdom's wise
oil policy had not only benefited the Saudi economy, but also the world economy.
Al-Naimi pointed out that King Fahd, since early eighties,
believed that the Kingdom should adopt a strategic relationship with the oil
consuming countries. “To carry out the policy of king Fahd in this respect, the
Kingdom had signed in 1988 agreement with Texaco; later similar agreements were
signed with Korean, Filipino and Greek companies”, he said. He added
arrangements are underway to sign similar agreements with petroleum companies in
China and India.
Al-Naimi pointed out that King Fahd is keen on carrying out
strategic decisions which serve the country - like Saudization of the petroleum
“King Fahd believes in the importance of building an
integrated national Saudi petroleum industry that is capable of standing on its
own feet in the competitive international oil market”, he said.
Highlighting the sound Saudi petroleum policy, Al-Naimi said:
“Crown Prince Abdullah bin Abdul Aziz had invited the international petroleum
companies to invest in the field of oil and gas exploration and development.
Moreover, Prince Abdullah had called for the establishment of a Forum for the
international energy to undertake dialogue between the oil producing and
consuming countries”, he noted.
The Conference was attended by a number of senior officials
including Director of King Fahd University for Petroleum and Minerals Dr Abdul
Aziz al-Dakheell and Dr Robert Mabro, the Director of Oxford Institute for
Later Al-Naimi inaugurated the exhibition organized on the
fringes of the conference.
A number of local and regional companies are participating in