Saudi Names Negotiating Team with Foreign Oil Firms

Published May 21st, 2000 - 02:00 GMT

Saudi Arabia has appointed a seven-member team to conduct talks with foreign firms eying investments in the kingdom's vast energy sector, Saudi Press Agency (SPA) reported Saturday.  

The agency said King Fahd approved the team, proposed by Crown Prince Abdullah, comprising a member of the kingdom's consultative Shura Council, two senior officials from state oil company Aramco, an advisor in the royal court and an advisor in the oil ministry.  

Foreign Minister Prince Saud al-Faisal, who had lead initial talks with Western companies, would supervise the negotiations and convey the instructions of the Supreme Council for Petroleum and Mineral Affairs (SCPMA) to the team and brief the council on the talks, said Reuters Saturday.  

Saudi Arabia, the world's largest producer and exporter of oil, held talks with major Western oil companies, including Royal Dutch/Shell, Phillips Petroleum, Chevron, ExxonMobil, Texaco, Enron Corp and Occidental Petroleum, on potential investments in the kingdom's energy sector, added the agency – (Several Sources) 

© 2000 Al Bawaba (www.albawaba.com)

You may also like