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Saudis sign multiple contracts
to increase oil output
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SPECIAL TO WORLD TRIBUNE.COM
Wednesday, April 19, 2006
ABU DHABI — Saudi Arabia has signed five major contracts in an
effort to increase oil production.
The state-owned Saudi Aramco signed contracts with Canada's SNC-Lavalin
Group, South Korea's Hyundai Heavy Industries as well as the Saudi-based
Energy and Power Contracting Co., Haif Co. and Ahmad Al Binali and Sons. The
contracts were meant to increase production at the Shaybah field by 250,000
barrels a day over the next two years.
Shaybah, discovered in 1968, produces extra light crude, a brand
preferred by Western clients, Middle East Newsline reported. Saudi Oil Minister Ali Al Naimi said Shaybah
would produce 300,000 barrels of oil per day in 2008.
Riyad has launched an effort to increase oil output from the current 10
million barrels to about 15 million barrels per day. The kingdom exports
about 9.5 million barrels per day.
Copyright © 2006 East West
Services, Inc.
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