[NABILAH AL-TUNISI] Thank you so much. Madam chairperson, distinguished delegates and colleagues, it�s an honor to be with you today and to address this important conference. 

Energy is an essential driver of the world's economic health and social well-being. And in some shape or form energy touches the daily life of all of us. It's also a topic of immense professional interest and personal pride to me. And over the past 25 years a touchstone for policymakers and commentators associated with the National Council on U.S. Arab Relations. 

Energy has been an integral element in the relationship between the United States and the Kingdom of Saudi Arabia for the last three quarters of a century. This year, in fact, Saudi Aramco is celebrating the 75th anniversary of signing the original concession agreement between the Saudi government and the Standard Oil Company of California, predecessor of today's Chevron, which opened the Kingdom to oil exploration and marked the birth of our company. It took five more years of hard work in difficult conditions before oil was found in commercial quantities. 

The discovery of Damman Number 7, the "Prosperity Well," in 1938, opened the door of opportunities for the people of Saudi Arabia and also marked the debut on the global stage of what would become the world's largest and most reliable petroleum sector. Even as well 7 was brought in, something else just as valuable was being forged; a unique sense of partnership between individual Americans and Saudis which would open the close relationship between our two nations. 

Too often though, the energy relationship between the U.S. and Saudi Arabia is seen as a one-way street. Basically, Saudi petroleum bound for this country's shores. The reality is much richer and more complex. Certainly, Saudi Aramco remains a major supplier of crude oil to the American market, something we take great pride in and toward which we feel an enormous sense of responsibility. And yet, our company also relies on the United States for its continued business success, on high quality goods and materials used throughout our operations on world class engineering project management and oil field services, on training and educational opportunities including academic programs at some of this country's finest universities, and of course on the thousands of American men and women with Saudi Aramco's workforce in the U.S., back in the Kingdom, and in locations all over the world. 

In addition, joint venture partnerships are yet another important aspect of our bilateral energy relationship. These include, in the Kingdom, a refinery that we own and operate in conjunction with ExxonMobil as well as a project to build a major new export oriented refinery which we are pursuing with Conoco-Phillips. Actually, our U.S. partnership can be found as far afield as China, where we are partnering with ExxonMobil and China's Sinopec to expand an existing refinery and construct integrated petrochemical facilities. 

Here in the United States, there is our Motiva refining and distribution partnership with Shell, which boasts three major refineries and includes nearly 7700 Shell branded service stations in the Southern and Eastern United States. We are currently working with our partners at Shell to expand Motiva's Port Arthur, Texas refinery in a project which will mark or make the facility the largest single refinery in the country. 

And today, I am pleased to have the opportunity to discuss yet another landmark partnership between Saudi Aramco and a leading American petrochemical company, the Dow Chemical Company. This is the Ras Tanura Integrated Petrochemical Project, or RTIP. One of the most ambitious downstream petroleum and petrochemical projects ever undertaken. 

It will be a major addition to Saudi-Aramco's operational portfolio and the Kingdom's economy. The Ras Tanura Integrated Petrochemical Project takes megaproject into a new level. Some even call it a "gigaproject." 

Whatever term you choose, RTIP is a giant step forward in the Kingdom's use of its hydrocarbon resources and its ability to add value to those God-given petroleum assets. Once complete, RTIP will not only produce a stream of refined products and petrochemicals, but will also form the hub of an industrial cluster. This cluster is manufacturing and industrial companies that will transform the RTIP product stream into a wide range of essential materials and useful consumer products. This industrial cluster will increase the value of our petroleum production while creating good jobs and extending the process of economic diversification already underway in the Kingdom. 

Let me begin my overview by noting that RTIP is at the core of the company's strategy of capturing a greater share of the hydrocarbon value chain from its petroleum resources through investment and petrochemical assets. Those of you who did well in college chemistry will appreciate the product mix of this project; polyethylene, ethylene oxide, propylene oxide, and glycogloralkalide, venylchloride monomer, polyurethane components, epoxy resin, polycarbonates, amines, and glycol ethers. Those without chemical engineering degree might simply look at it as cracking open a single egg and using its content to create a chef's surprise of almost unlimited recipes and dishes. 

Of course, contemporary life is pretty much unimaginable without petrochemicals and the wide variety of products which are derived from them. Because of the hydrocarbon chain it's so versatile it can be transformed into a wide array of everyday products such as plastics, clothing, packaging, CDs, automotive parts, medicine, fertilizer, eyeglasses, furniture, fillings, and the list goes on and on.  RTIP will help to meet growing global demand for these industrial and consumer products. To be sure RTIP is an ambitious undertaking. The project will cost tens of billions of dollars and will require millions of man-hours of engineering and construction to develop, and once complete, it will occupy a site equal to a small city.