Minister: Saudi Arabia is ready to invest in US oil refineries

Published April 29th, 2004 - 02:00 GMT

Saudi Arabia is willing to invest in the establishment of two new oil refineries in the United States, according to Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi. The announcement was made at a recent US-Saudi energy conference. 


"On this occasion, let me state emphatically, that Saudi Arabia is willing and ready to invest in two new refineries and their associated marketing facilities in the US to help alleviate some of the bottlenecks in product availability," Al-Naimi said at the conference entitled US-Saudi Relations and Global Energy Security, sponsored by the US-Saudi Arabian Business Council and the Center for Strategic and International Studies (CSIS). 


Al-Naimi reiterated Saudi Arabia's pledge to keep oil prices between $22 and $28 per barrel to stabilize the world's oil market. There is, he said, no shortage of crude oil in the market, attributing the rise in gasoline prices in the United States to market speculation, refinery bottlenecks and environmental regulations, according the Saudi Information Office.  


The minister concluded his remarks by assuring the audience that Saudi Arabia is committed to its role as the world's most reliable energy producer. "Both of our countries also understand the importance of stability in the oil market, security of supply and reliability of deliveries. That is why Saudi Arabia has committed itself to be the world's most reliable supplier of energy." — ( 



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