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ITEM OF INTEREST
May 8, 2009

U.S.-Saudi Relations in a World Without Equilibrium
Conference Transcripts -- Session 1
Peter Robertson

Editor's Note:

Last week a major forum addressing the state of and prospects for the relationship between the United States and the Kingdom of Saudi Arabia was convened in Washington by the New America Foundation (NAF) and the Committee for International Trade (CIT) of the Saudi Chambers of Commerce and Industry. Distinguished speakers spent the day providing perspectives and insights on what the relationship should look like, how economics was shaping the national security picture vis a vis the relationship, the challenges for America in the region and how the perspective on these challenges look from the Saudi Arabian point of view.

Today we are pleased to provide the transcripts from the first session, "A Forward Projection of What the Saudi-U.S. Relationship Should Look Like and Needs to Achieve," which began with comments from Mr. Peter Robertson, Vice Chairman of Chevron and Co-Chairman, U.S.-Saudi Arabian Business Council.

Separate emails will provide each panelist's remarks and the question and answer period transcript. Transcripts for the remaining panels and luncheon remarks will be provided over the next few days. You can find all of the conference materials and related links at a new SUSRIS Special Section. [ "U.S.-Saudi Relations in a World Without Equilibrium" - Conference Special Section ]

Video MP3

U.S.-Saudi Relations in a World Without Equilibrium
Conference Transcripts -- Session 1
Mr. Peter Robertson
Vice Chairman of Chevron; Co-Chairman, U.S.-Saudi Arabian Business Council

Peter Robertson: Good morning. I am Peter Robertson. I am Vice Chairman of Chevron Corporation. But maybe more importantly, since I am retiring from Chevron on Thursday, I am co-chairman of the U.S.-Saudi Arabian Business Council.

In this first panel we would like to offer a forward projection of what the U.S.-Saudi Arabian relationship should look like and needs to achieve. We are fortunate that this relationship can build on strong building blocks from the past.

Ever since FDR and King Abdulaziz met on the USS Quincy in 1945, our two countries have been the closest of allies in promoting peace and security in the wider Middle East region, and in promoting energy and economic security throughout the world.

Indeed the roots go back further to the earliest years of the modern kingdom of Saudi Arabia when the grandparent of Saudi Aramco and Chevron, Standard Oil came to California, was the first to discover oil, and ship oil from the kingdom.

These are two major pillars, but the relationship we build today, and in the future, promises to be an even more all embracing one; to extend to economics, politics, security, and society on a global scale.

As the world's economy revives from the greatest recession since World War II, Saudi Arabia plays a crucial role in terms of energy investment, trade, and development.

As the world confronts political and security challenges from Israel and Palestine to Afghanistan, Iran, and Pakistan, the kingdom again plays a critical role, as is evidenced by King Abdullah's path breaking plan for regional peace.

As more and less developed nations prepare their youth for the new challenges and opportunities of science, technology and development, the new economic cities and academic centers of the kingdom, from vocational training to advanced research, play a really dynamic role.

Looking to the future, energy and environment will continue to be key issues for Saudi Arabia and the U.S. Ali Al-Naimi, Saudi Arabia's long time Petroleum Minister, had some excellent advice for some of us in Houston last month.

Minister Al-Naimi supports the development of renewable energy with a vision that includes large scale solar development and power generation not only for the kingdom, but for the region.

But he reminds us that the world will continue to depend on oil and gas supply to meet most of its energy requirements for decades to come. And he warns that underinvestment there could lead to a major supply crunch and escalation in energy prices.

His words are well worth pondering as our two countries pursue bilateral and global dialogues of this vital resource. To quote Mr. Al-Naimi, he said, "In years to come, if traditional energy supplies should prove inadequate because capital expenditure was curtailed due to unsustainable prices, unreliable indications of future demand, and our hopes for a substitute for oil that can deliver, such as a supply crunch would be catastrophic."

In this increasingly globalized era in which all of these initiatives take place, Saudi Arabia and the United States have an unprecedented opportunity for leadership.

I would just like to add my two cents to the comment that was just made, because this relationship is one that just doesn't get talked about enough. We see it all the time in our industry. Steve just mentioned it. I think many of the leaders of Saudi Arabia have started talking a lot more openly about this relationship, and I think on our side we need to do the same thing, because this is a critical relationship that has, for some reason, and I guess reasons that maybe a lot of us can understand, seems to have been talked about in the back room. We need to talk about this relationship in the front room with the public from here on out.

So we are fortunate to have a fantastic panel of people to help us discuss this. So let me turn it back to Steve, who is going to introduce the panel and moderate. Thank you so much.

[Visit the SUSRIS Special Section "U.S.-Saudi Relations in a World Without Equilibrium" for the transcripts from this and other panels and additional resources.]

Session One Video

Courtesy New America Foundation

Video MP3

Speaker Biography:

Mr. Peter Robertson
Vice Chairman of Chevron; Co-Chairman, U.S.-Saudi Arabian Business Council

Peter Robertson is Vice Chairman of the Board of Directors for Chevron Corporation. Since becoming Vice Chairman, he has had a wide variety of responsibilities including direction of the company's worldwide exploration, production and global gas businesses; corporate strategic planning; policy, government and public affairs; corporate human resources; security; and compliance. He collaborates closely with the chairman in overseeing the strategies and operations of the company. Robertson is a director of the United Way of the Bay Area, the U.S.-Russia Business Council, Resources for the Future, and the American Petroleum Institute. He is past chairman of the U.S. Energy Administration, co-chairman of the U.S.-Saudi Arabian Business Council, vice chairman of the Leon H. Sullivan Foundation, vice chairman of the board for the International House Berkeley, and serves on the Corporate Advisory Board of the Global Business Coalition on HIV/AIDS, Tuberculosis and Malaria. He also is past director of Sasol Chevron Holding Ltd., Dynergy Inc. and Caltex Petroleum Corp.

AGENDA

Panel I: A Forward Projection of What the Saudi-U.S. Relationship Should Look Like and Needs to Achieve

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