The Minister of Petroleum and Mineral Resources, Eng. Ali Al-Naimi, on Tuesday inaugurated a seminar on gas exploration and production in the Kingdom of Saudi Arabia.
The opening session of the two-day seminar, which is organized by the Ministry of Petroleum and Mineral Resources, was attended by Prince Turki Al-Faisal, the Saudi Ambassador to Britain, and representatives of over 40 international petroleum companies.
Addressing the seminar’s inaugural session, Al-Naimi highlighted the Kingdom’s excellent economic performance, and the significant contribution of the private sector to the process of economic development in the country. He stressed the importance of the gas sector, and said that the Kingdom is keen to attract foreign investment.
Al-Naimi said that the Kingdom’s gross domestic product (GDP) Kingdom has increased from approximately 20 billion in 1970 to over 190 billion.
He noted that the Kingdom has excellent road networks, modern airports, and other facilities. “The Kingdom has a stable currency, and does not impose restrictions on the movement of capital and profits. The inflation rate in the Kingdom is very low, and the Saudi government is keen to support foreign investments.”
Al-Naimi said that the Kingdom’s economic program is aimed to activate the country’s full economic capabilities, and to create new investment opportunities.
He said that the decision of the Kingdom to open the gas sector to foreign investment is a strategic decision, which aims to liberalise the economy and attract foreign investment.
“By the year 2005, the demand for gas is expected to exceed 12 billion cubic feet per day,” he said.
At the seminar’s second session, Khalid Al-Falih, Deputy Chairman of the Administration of Development of New Works at Saudi ARAMCO, spoke on the Kingdom’s gas industry.
The seminar’s third session was chaired by Mohammed Abdelbaki, Head of the Administration of Exploration at Saudi ARAMCO. In his speech, he spoke about the geology of the Empty Quarter in the south of the Kingdom of Saudi Arabia.
Source: SPA
