Saudi, Kuwait look to new oil investments in US under Trump

Published February 2nd, 2017 - 01:00 GMT
Saudi Oil Minister Khaled al-Falih. (AFP/File)
Saudi Oil Minister Khaled al-Falih. (AFP/File)

Saudi Arabia said it might increase its investments in refining and distribution in the US under the new US Administration.

In an interview with BBC news channel on Wednesday, Saudi Oil Minister Khaled Al-Falih said the Kingdom welcomed U.S. President Donald Trump’s new energy plans.

“President Trump has policies which are good for the oil industries and I think we have to acknowledge it,” the Saudi minister said.

Asked about Trump’s previous campaign warnings that he would seek to block all oil imports from Saudi Arabia, al-Falih said: “I believe at the end of the day, the Trump Administration will do the right thing for the United States”.

“We have billions of dollars invested in refining and distribution in the United States and we may be increasing that investment on the back of pro-industry, pro-oil and gas policies of the Trump Administration”, he noted.

The minister also said that relations between Saudi Arabia and the US were “very, very strong.”

Last week, Essam Al-Marzouq, Kuwait’s oil minister, said he looked forward to establishing a fruitful cooperation with the new US energy secretary in light of Trump’s promising oil policies.

In January, Trump signed executive orders effectively reviving the controversial Keystone XL and Dakota Access pipelines, as a major builder said it would reapply to build one of the projects, which had been stalled by President Barack Obama’s administration under pressure from environmental groups.

Trump said the projects would be subject to a “renegotiation of the terms.”

The president also signed three other orders related to pipeline construction, including one expediting the environmental permitting process for infrastructure projects and one directing the Commerce Department to maximize the use of US steel.

By Wael Mahdi


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