Saudis ready to invest in U.S. refineries
SPECIAL TO WORLD TRIBUNE.COM
Friday, May 14, 2004
Saudi Arabia has pledged to examine the feasibility of
investing in energy projects in the United States.Copyright © 2004 East West
Saudi Oil Minister Ali Al Naimi said Riyad would be willing to finance
the construction of two oil refineries in the United States. Al Naimi said
such an investment was meant to faciliate larger quantities of refined oil
for the U.S. market, Middle East Newsline reported.
"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 U.S. to help alleviate some of the bottlenecks
in product availability," Al Naimi told the U.S.-Saudi Relations and Global
Energy Security on April 27.
The Saudi minister said Riyad was committed to maintaining oil prices
between $22 and $28 per barrel in an effort to stabilize the world's oil
market. Al Naimi said the rise in U.S. gasoline prices was the result of
market speculation, refinery bottlenecks and environmental regulations,
rather than a shortage in crude oil.