Saudis ready to invest in U.S. refineries

Friday, May 14, 2004

Saudi Arabia has pledged to examine the feasibility of investing in energy projects in the United States.

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.

Copyright 2004 East West Services, Inc.

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