Sir Mark Moody-Stuart, Chairman of the Royal Dutch/Shell Group of Companies, signed yesterday a Letter of Intent expressing Shell's interest in participating in the Saudi Natural Gas Initiative.
The LOI was signed in response to an invitation to Shell from HRH Prince Saud al-Faisal, Chairman of the Negotiating Team overseeing the gas initiative.
Shell has participated in the Saudi process since Crown Prince Abdullah first called for proposals from international companies in late 1998.
Sir Mark described the LOI as a "very positive step". He added: "The Saudi gas opening process provides an excellent opportunity for Shell to build upon its long history of partnership with the Saudi government and the Saudi people."
Shell has been active in the Kingdom of Saudi Arabia since the 1940s and has invested over $7 billion with its partners in petrochemicals, refining, and other downstream business ventures.
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