The Exxon Mobil Chemicals Company has revealed plans to establish numerous industrial projects in the Saudi Jubeil Industrial Estate, according to London based Al-Hayat daily.
The new project is expected to help Saudi Arabia shift from oil-burning utilities to natural gas, freeing up more crude oil for export. A delegation representing the company visited the Kingdom.
Last month, Saudi Arabia signed a $25 million deal with Exxon Mobil, initiating the program. Nine other major international oil companies, including BP, TotalFinaElf, Conoco, Phillips Petroleum, Occidental Petroleum Corp, Enron and Marathon also took part in the agreement. Under the contract, three natural gas fields will be developed in Saudi Arabia.
The deal marks the first major foreign investment in the Saudi energy sector since the industry was nationalized in the mid-1970s, reported Gulf News.
Exxon Mobil is presently the largest foreign purchaser of crude oil from Saudi Aramco. In addition, it has invested $5 billion in refining and petrochemical joint ventures in the country.
Earlier this year, Exxon Mobil posted its highest earnings ever of $210 billion for 2000. In doing so, it ended a 15-year hold by General Motors (GM) as number one on the annual Fortune 500 list. The company’s profits rose 124 percent, as a result of soaring oil prices and limited OPEC production. Revenues thus stood at $17.7 billion, making it the most profitable US company for the year 2000. –(MENA Report)
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