Upon instructions from the Custodian of the Two Holy Mosques King Fahd bin Abdul Aziz, Crown Prince Abdullah bin Abdul Aziz, Deputy Premier and Commander of the National Guard, who is also Deputy Chairman of the Supreme Council for Petroleum and Minerals (SCPM), presided over a meeting of SCPM, which was held at Al-Salam Palace in Jeddah today.
The meeting was attended by Prince Sultan bin Abdul Aziz, Second Deputy Premier, Minister of Defence and Aviation and Inspector General, who is the Second Deputy of SCPM.
Following the meeting, Dr Mutlab Al-Nafeesah, Minister of State and Member of Cabinet, who is also Secretary General of SCPM, said in a statement that the meeting reviewed recent developments in the international oil market. It confirmed the continuation of the Kingdom’s moderate policy, aimed at achieving stability in oil markets in a way that serves the interests of both producing and consuming countries, promoting global economic growth, and guaranteeing the stability of oil supplies at reasonable prices.
The Council then approved a working plan for Saudi Aramco for the years 2004 to 2008; endorsed the annual report for Saudi Aramco’s Board of Directors for the year 2002; approved the budget and profit-losses account for 2002; and appointed external auditors for Saudi Aramco for the year 2003.
The Council then finalized the necessary procedures to issue the Gas Supplies and Prices, and Natural Gas Investment Tax bills, he said.
Al-Nafeesah added that the meeting was briefed on the technical, financial and statistical report on activities of companies granted mining concessions in the year 2001.
Source: SPA
