Saudi Arabia keen on investment in Asian oil refineries
Tuesday, 20 November 2007
DUBAI, Nov 19 (PTI): Saudi Arabia is scouting for investment opportunities in oil refineries in Asia within the framework of the Riyadh Declaration to maintain oil supplies, a media report stated.
Announcing this at a press conference in Riyadh yesterday, Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi said refining capacity augmentation would be done at two levels, Arab News reported.
Saudi Arabia is planning to double its own oil refining capacity from the current level of 3.2 million barrels per day (mbpd) to 6 mbpd within the next five years, "but we would also be interested in investing abroad," he was quoted as saying in the report.
"Already, we have set up or are establishing joint ventures in refineries in various Asian countries like China, Japan, South Korea and the Philippines," he said.
Speaking on the implications of the Riyadh Declaration, Minister for Foreign Affairs Prince Saud Al-Faisal hoped that it would lead to stability in the oil market by promoting greater coordination among the OPEC and the non-OPEC countries in terms of maintaining supplies and promoting joint investments in the oil distribution and refining sector, the report stated.
Announcing this at a press conference in Riyadh yesterday, Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi said refining capacity augmentation would be done at two levels, Arab News reported.
Saudi Arabia is planning to double its own oil refining capacity from the current level of 3.2 million barrels per day (mbpd) to 6 mbpd within the next five years, "but we would also be interested in investing abroad," he was quoted as saying in the report.
"Already, we have set up or are establishing joint ventures in refineries in various Asian countries like China, Japan, South Korea and the Philippines," he said.
Speaking on the implications of the Riyadh Declaration, Minister for Foreign Affairs Prince Saud Al-Faisal hoped that it would lead to stability in the oil market by promoting greater coordination among the OPEC and the non-OPEC countries in terms of maintaining supplies and promoting joint investments in the oil distribution and refining sector, the report stated.