Saudi Arabia Lists Three Upstream Projects for Foreign Firms
Saudi Arabia has named three upstream gas projects that will be open for foreign oil companies, the Middle East Economic Survey (MEES) reported Monday.
A Saudi team negotiating with prospective partners has made it clear to the oil majors, however, that "investment is not limited to the core projects listed and it is also open to receive other proposals," the Cyprus-based specialist newsletter said.
The listed projects are the Haradh gas development project in partnership with state-owned Saudi Aramco in the east, the integrated Rabigh refinery and petrochemical project on the Red Sea, and gas development in the southeastern Kidan and Shaybah fields on the border with the United Arab Emirates, MEES said.
Prince Saud al-Faisal, chairing the Saudi negotiating team, said foreign companies must submit their final offers for investment "within six weeks".
"Detailed studies and recommendations concerning these offers will immediately be submitted to the Supreme Council for Petroleum and Mineral Affairs, which will decide," he said.
Senior officials from the oil, finance, planning, and industry and electricity ministries delivered a technical briefing in Riyadh on July 12th on the programs and projects in which foreign companies could invest.
Saudi Aramco also presented reports on projects needing large investments in the fields of exploration, production and treatment of gas and the means of developing power stations, water desalination units and petrochemical factories.
Saudi Arabia announced in May that 12 oil majors made a series of proposals during April 16th-30th talks that would inject more than 100 billion dollars into the energy sector - NICOSIA (AFP)
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