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What's New on SUSRIS:
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>>>>Jeddah Energy Meeting: Conference Joint Statement
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>>>>Jeddah Energy Meeting: The American Perspective
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>>>>Jeddah Energy Meeting: The Saudi Perspective
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>>>>Jeddah Energy Meeting: Charge from King Abdullah
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>>>>Oil Consumers and Producers Set to Meet in Saudi Arabia
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>>>>Militant Crackdown: Plots and Arrests
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In the News
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>>>>Gulf Eyes ‘Oil-For-Food’ Deal With Neighbours - Meena Janardhan - IPS
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>>>>Sunni Saudi cleric visits Shi'ites to ease tension - Reuters
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>>>>Inside Saudi Arabia's New Mega-Oil Field
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On
the Web
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>>>>Saudi Arabia: The Women Who Dared to Drive - American Bedu Blog
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>>>>Pulling back the veil - Book Review
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Keeping
Up - Recently on SUSRIS
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This
Week's News - June 22-28, 2008
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About
SUSRIS
What's New on SUSRIS This Week
  Jeddah Energy Meeting: Conference Joint Statement
"..Participants noted with concern that oil prices have risen sharply and become more volatile, due to a host of factors. They sought to identify the causes and consequences of recent price behavior and suggested areas of improvement for the efficient operation of the oil market. Participants also noted that current oil prices and their volatility are detrimental to the global economy and, in particular, the economies of least-developed countries. Participants agreed that the situation requires concerted efforts from all parties — producing and consuming countries, the oil industry and all concerned parties — to bring stability to the international oil market for the benefit of all.."
[more]
 Jeddah Energy Meeting: The American Perspective
"..Everyday -- and around the world -- we are seeing the significant negative effects that high energy prices have on our economies, our industries and, most profoundly, on our citizens. We face an extraordinary set of circumstances that demands responsible action from producing and consuming nations alike. Market fundamentals show us that production has not kept pace with growing demand for oil, resulting in increasing – and increasingly volatile – prices. Since 2003 global demand, fed by worldwide economic growth, has increased significantly. World oil consumption growth has averaged 1.8 percent per year, with the largest share of that increase coming from non-OECD countries, especially China, India, and in the Middle East. But for the past three years global oil production has remained constant at roughly 85 million barrels per day. OPEC production has remained largely flat while non-OPEC supply growth has been well below levels seen just four years ago.."
[more]
 Jeddah Energy Meeting: The Saudi Perspective
"..In a key speech at the conference held here today, Al-Naimi said: "Given the vital importance of petroleum to modern life, the global nature of the oil markets and the far-ranging social, political and economic impacts of high prices and market volatility, we all have a stake in this conversation. After all, current market conditions are in the interest of neither producers nor consumers, and none of us can be content with the status quo". He added: "A year ago prices were in the range of $65 a barrel, now, they are almost double that. What has happened during this relatively short period of time? Between the second quarter of 2007 and the second quarter of 2008, global demand rose by an estimated 800,000 to 1.2 million barrels per day, but at the same time global oil supplies rose between 1.4 and 1.6 million barrels per day - substantially more than the increase in demand. Accordingly, days of forward cover increased from roughly 52 to 54 days during the last 12 months, and inventory levels are currently well within their normal range.".."
[more]
 Jeddah Energy Meeting: Charge from King Abdullah
"..I would like to welcome and thank you for attending this important meeting in response to our invitation, and I consider your attendance reflects your feeling with the responsibility and the importance of international cooperation in the topic of energy which concerns all nations of the world, and I wish you every success.. ..your great mission becomes clear: Uncovering the truth. Your mission is to rule out biased rumors and reach the real causes for the increase in price, determine how to address that development clearly and transparently, and disclose the outcome to the international community.."
[more]
 Oil Consumers and Producers Set to Meet in Saudi Arabia
"..Riyadh assures market.. ..Saudi Arabia announced yesterday that it would do everything possible to curb rising oil prices, which it blamed on geopolitics and speculators. “The Kingdom looks.. ..with great interest to oil market stability that will protect the interests of producers and consumers and promote world economic growth,” an official statement said. “As the world’s biggest oil exporter, Saudi Arabia has not and will not spare any effort to achieve oil market stability. Its oil policy aims always to foster and strengthen cooperation and dialogue between oil producing and consuming countries.".."
[more]
 Militant Crackdown: Plots and Arrests
During the last six months, Saudi security forces have arrested 701 militants for allegedly plotting to carry out terrorist attacks on oil facilities and other vital installations across the Kingdom, the Interior Ministry announced.. ..“Some of the arrested suspects were planning to stage terrorist attacks on oil fields and installations,” Maj. Gen. Mansour Al-Turki, spokesman for the ministry told Arab News. He said the militants — Saudis and foreigners — were trying to regroup and strengthen the Al-Qaeda terror network in Saudi Arabia. “The exact involvement of these new detainees, who were apprehended during the last six to eight months is not immediately known,”.. ..“Of the total 701 arrested, 520 are still in detention while the remaining 181 have been released as there was no evidence to prove their connection with terrorist groups.” The large-scale security sweep has been carried out over the past few months in various parts of the Kingdom and police have confiscated weapons, ammunition, sophisticated electronic equipment and money from the militants.."
[more]
In the News
This Week
Gulf Eyes ‘Oil-For-Food’ Deal With Neighbours - Meena Janardhan - IPS
"..Recent attempts by Gulf countries to invest in farmlands abroad to counter soaring inflation and guarantee long-term food security could prove to be a win-win situation in the short-term for both the oil-rich region and its investment-hungry
neighbours, but continued high oil prices may neutralise the gains in the long-run, feel experts. With Gulf countries importing 60 percent of their food on average, Saudi Arabia and the United Arab Emirates (UAE) are taking the lead in investing in Asia and Africa to secure supplies of cereals, meat and vegetables.."
[more]
Sunni Saudi cleric visits Shi'ites to ease tension - Reuters
"..A prominent Sunni Muslim Saudi cleric met with minority Shi'ite Muslim leaders this month in an attempt to soothe anger over an edict by radical sheikhs calling Shi'ism a heresy, Shi'ite sources said on Thursday. They said Mohammed
al-Nujaimi met last week with leading Shi'ite cleric Hassan al-Saffar and other religious and community leaders in the Shi'ite area of Qatif in the Eastern Province, where most of Saudi Arabia's Shi'ites live.."
[more]
Inside Saudi Arabia's New Mega-Oil Field
"..In the aftermath of their emergency meeting on high oil prices, the Saudis are on a campaign to show the world that it should not underestimate their capacity to produce oil. Their showcase is a field called Al
Khurais, which lies about 100 miles east of Riyadh in flat red desert. Saudi Aramco, the national oil company, is spending some $10 billion to retool Al Khurais as a monster field with 27 billion barrels of reserves and the capacity to produce 1.2 million barrels per day of desirable Arab light crude. That amount, when it is achieved, will exceed the entire output of some oil-producing countries, such as Indonesia, and is roughly equivalent to the annual increase in world demand for oil.."
[more]
On the Web This Week
Saudi Arabia: The Women Who Dared to Drive - American Bedu Blog
"..I’ve posted previously about the Saudi women who dared to drive on the streets of Riyadh in 1991. I have since come to know a few of these women and their families.. ..Now in analysis of the 1991 action, there are many Saudis who view what happened as a probe. Let me explain..
..the belief is that the women who participated in the activity were in fact sanctioned to do so by certain members within the Saudi government with the endorsement of American officials in order to gage the reaction and effect of such an effort on the part of the Saudi woman. If the reaction had not been so strongly negative initiatives would likely have been taken towards paving the way for women to drive in the Kingdom. However the negative outcry illustrated that the time was not yet right for such a step to take place. So where does that leave us now and for today? Does it look as if women will be given the right to drive in Saudi Arabia? Or at least, officially be given the right to drive anywhere in the Kingdom like the men? In spite of King Abdullah’s positive talks and movements of reform, I personally doubt women driving will happen during his reign. Why you likely ask? The society and culture is still not ready. I think women driving would cause another chain reaction of chaos, outcry and outcast.."
[more]
Pulling back the veil - Book Review
"..First-time novelist Zoë Ferraris offers observations on life in Saudi Arabia, a world that for most Americans is clothed in mystery.."
[more]
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~~~~~~~~ [ Jun 28] ~~~~~~~~~
University to Host Global Conference on Terrorism [Jun 28]
"Dr Mohammad Al Oqla, director of the Islamic University in Madinah, announced that King Abdullah Bin Abdul Aziz has
granted his endorsement to the university to hold an international conference against terrorism. Several key figures, including
leading Islamic scholars, thinkers and intellectuals from various parts of the world will be invited.. ..The Madinah conference is
aimed at exerting efforts to root out terrorism as well as to drain its financial sources, said Dr Al
Oqla. The conference is also part of the kingdom's initiative to tackle the malicious campaign being waged against Islam, its Prophet and its holy book, he said,
adding that there will be a serious attempt to present the true picture of Islam and Muslims.."
[more]
SR10 Billion Approved to Build 300 Tech Colleges [Jun 28]
"The Technical and Vocational Training Corporation (TVTC) will build 300 technical colleges and institutes at a cost of SR10 billion
in five years, said TVTC Governor Dr. Ali Bin Nasir Al-Ghufais. These will include 36 higher institutes for girls at a cost of SR2.5
billion all over the Kingdom. The capacity to admit high school graduates will rise from 150,000 to 450,000, he said. The money
for the purpose has already been approved and construction has begun,
Al-Ghufais said. TVTC is expected to admit 50,000 trainees next year, out of 72,000 who applied online this year. But technical colleges were not able to admit more than 15,000 for
the first semester because of the lack of seats.Al-Ghufais said technical and vocational graduates can find jobs easily.."
[more]
Aramco Installations are Safe – Official [Jun 28]
"All Saudi Aramco installations are safe and foolproof security measures are in place to thwart any militant attack, a senior
Aramco official has said. Joint patrols by Saudi security forces and the company’s Industrial Security Administration have been
beefed up and barriers and security checkpoints at all installations are on full alert, the official added. The Ministry of Interior has recently warned of plans by terrorists to seek jobs at oil installations. All contractors supplying manpower to Aramco have taken
strict measures to ensure that no unscrupulous elements sneak into their employment rolls. Nasser
Al-Hajri, chairman of the
Contractors Committee in the Eastern Province, has asked all contractors to tighten control over companies carrying out some
Aramco projects. He also called for implementation of the fingerprinting system for all its workers. Saudi Aramco employs about
60,000 people.." [more]
Saudi Investors Ready to Invest $2b in Jakarta’s Agro Industry [Jun 28]
"Eight Saudi large companies have set aside US$2 billion to develop Indonesia’s agro industry, a Saudi executive said. “Saudi
Arabia has allocated huge funds for investment in the agro industry. Eight Saudi companies are ready to cooperate with
Indonesian partners which are serious in establishing such cooperation,” Chairman of Saudi Arabia’s Global Unions Company
Khalid S. Al-Musa said at the Indonesia-Middle East Business Forum here on Thursday. Indonesian companies had not much benefited from the Saudi market, he said adding the chance for Indonesia’s non-oil/gas products particularly rice to penetrate the
Saudi market was wide open. The current global food crisis had worried the Kingdom so that it decided to invest in the agro
industry sector abroad and Indonesia endowed with abundant natural resources was considered suitable for the development of
food industry.." [more]
Scholars Want Action Against Extremists [Jun 28]
"Reacting to the recent disclosure by the Interior Ministry that terrorist organizations were exploiting Haj and Umrah facilities to
bring in foreign Al-Qaeda cadres into the Kingdom, several religious scholars have stressed the need to deal firmly with extremists. 'The Saudi government tries its best to ensure excellent facilities to Haj and Umrah pilgrims and so it is the duty of all pilgrims
not to violate the sanctity of the holy cities and not to create law and order problem. Any act or ideology that aims to disrupt law
and order in the Kingdom, which is the home to Makkah and Madinah, is an unpardonable crime,'..
..Al-Khodairy added that
extremists coming to the Kingdom in the guise of pilgrims are not real Muslims,
Al-Eqtisadiah daily reported yesterday.."
[more]
~~~~~~~~ [ Jun 27] ~~~~~~~~~
Saudi Varsities to Absorb 86% High School Grads [Jun 27]
"Eighty-six percent of secondary school graduates will get seats at Saudi universities this year. Higher Education Minister Dr.
Khaled Al-Anqari has given his instructions to universities in this respect. 'This is the highest university intake in the world. In
most countries a maximum of only 50 percent secondary school graduates get to universities,' the minister said. The tremendous
increase in intake comes with the opening of 12 new universities and several colleges in different parts of the Kingdom. During the last four years the number of government universities in the Kingdom rose from eight to 20.
Al-Anqari said some 5,000 students
would be sent abroad for higher studies, especially for master’s and doctoral courses and fellowships, in the fourth phase of King
Abdullah Scholarship Program. More than 40,000 Saudi students are currently pursuing higher studies in universities and
institutes in Europe, America, China, Japan, Singapore and South Korea.."
[more]
Saudi Arabia Plans Water and Power Projects Worth $12b [Jun 27]
"Saudi Arabia has planned more than $12 billion worth of water and power projects that will supply an additional 2.24 million
cubic metres of water per day and 2,750 mega-watts of power in the next few years, a government official said. The country is also
set to privatise key government-owned assets and expects the total capital and operation investments value of desalination
privatisation projects to hit $43 billion over the next 20 years, according to Fehied Al
Sharif, governor of Saudi's Saline Water
Conversion Corporation (SWCC) and chairman of the Privatisation and Restructuring Team.. ..Al Sharif said the projects will
boost the water and power supply in the country, which will need 8.3 million cubic metres of fresh water per day and 70,000
mega-watts of power capacity by 2024. So far, at least four independent water and power projects
(IWPP) have been approved
by the Supreme Economic Council.." [more]
Oil Could Hit $170 a Barrel This Summer [Jun 27]
"The president of OPEC, Algerian Energy Minister Chakib Khelil, forecast yesterday that oil prices could rise to $150 to $170 a
barrel during the Northern Hemisphere summer. If there were real demand for extra oil, the Organization of Petroleum
Exporting Countries would do what is needed to satisfy it, he said, affirming that there was enough oil in the world for about the
next 50 years. 'I predict probably prices of 150 to 170 dollars this summer. It (the market) will probably fall a bit toward the end
of the year,' he said in an interview with the France 24 television channel. Khelil said he did not expect prices to hit $200 a barrel,
barring a major market crisis such as a halt in production in Iran. In that case, he added, prices could possibly surge to '200, 300,
400 dollars.'.." [more]
~~~~~~~~ [ Jun 26] ~~~~~~~~~
Terrorist Groups Destabilizing Saudi Arabia [Jun 26]
"During the last six months, Saudi security forces have arrested 701 militants for allegedly plotting to carry out terrorist attacks on
oil facilities and other vital installations across the Kingdom, the Interior Ministry announced yesterday. 'Some of the arrested
suspects were planning to stage terrorist attacks on oil fields and installations,' Maj. Gen. Mansour
Al-Turki, spokesman for the
ministry told Arab News. He said the militants — Saudis and foreigners — were trying to regroup and strengthen the
Al-Qaeda terror network in Saudi
Arabia. 'The exact involvement of these new detainees, who were apprehended during the last six to eight months is not immediately
known,' the spokesman said. 'However, the five terror groups mentioned in the statement are not linked to one another.'.."
[more]
Shoura Demands Explanation for Ongoing Water Crisis [Jun 26]
"Outraged by the aggravating water crisis in the Kingdom, several Shoura Council members demanded that the concerned
minister and the top official of the water desalination corporation should be called to the council.. ..The members, who described
the water situation as catastrophic, made the demand while discussing a report submitted by the council’s Water and Electricity
Committee on the ministry’s performance in its last meeting presided by Assistant Chairman Abdul Rahman
Al-Barrak.. ..Various cities, including Riyadh, Jeddah, Taif and
Abha, have been suffering water shortages and people have been made to wait for
several hours for a truck of water in front of water distribution centers. Some had to get water from the black market after paying
as much as SR400 for a tanker, which normally costs SR114. Sometimes, the price goes up as high as SR800. There have been
reports of people waiting more than 10 hours at the center to obtain a delivery truck.."
[more]
Sunni Saudi Cleric Visits Shi'ites to Ease Tension [Jun 26]
"A prominent Sunni Muslim Saudi cleric met with minority Shi'ite Muslim leaders this month in an attempt to soothe anger over
an edict by radical sheikhs calling Shi'ism a heresy, Shi'ite sources said on Thursday. They said Mohammed
al-Nujaimi met last
week with leading Shi'ite cleric Hassan al-Saffar and other religious and community leaders in the Shi'ite area of Qatif in the
Eastern Province, where most of Saudi Arabia's Shi'ites live. A group of 22 Sunni clerics issued a fatwa -- or religious edict -- this month saying Lebanon's Shi'ite Hezbollah movement was posturing against Israel to hide an anti-Sunni agenda and said Shi'ism
had "infidel precepts".. ..Sunni and Shi'ite Islam are the two main branches of the faith. Saudi Arabia, which practices an austere
form of Sunni Islam called Wahhabism, has a substantial Shi'ite minority of between 10 and 15 percent.."
[more]
$500m Industrial Zone Planned in Prison Complex [Jun 26]
"Saudi Arabia plans to set up an "industrial zone" to the value of 2 billion riyals ($500 million) behind the walls of a prison
complex. The head of Haer prison and the government's Industrial Cities Authority signed a contract to attract private sector
investment, which would provide 3,000-5,000 jobs, apparently for prisoners, Saudi media said yesterday. Haer is a high-security
prison near Riyadh. "The project will rehabilitate and train inmates of the facility to undertake jobs that will help everyone," a
statement by the authority said. However, it was not clear what industries would be targeted inside the zone.."
[more]
Saudi Business Delegation in Ethiopia [Jun 26]
"A 10-member Saudi business delegation, headed by Commerce and Industry Minister Abdullah Zainal Alireza, assessed
investment opportunities in Ethiopia during its three-day visit that ended yesterday. The delegation was given a warm welcome in
Addis Ababa when it arrived at Bole International Airport on Monday.. ..Saudi investors are engaged in various sectors in
Ethiopia, he said, adding that they are also keen to explore the prospects of investment in the agriculture sector. The delegation
held discussion with Ethiopian senior government officials on investment promotion and protection. Ethiopian ministers told the
visiting Saudi delegation that their country was endowed with rich agricultural resources and also had a favorable investment
policy.." [more]
~~~~~~~~ [ Jun 25] ~~~~~~~~~
Free Health Care for Pilgrims a Major Challenge:
Al-Manie [Jun 25]
"The government’s public health care sector provides 80 percent of medical services in the Kingdom, said Health Minister Dr.
Hamad Al-Manie yesterday while delivering a speech on the third day of the Knowledge Economy Forum in
Madinah.
'Investment in health care is a direct investment in citizens. The government spends more money on health care, because this
indirectly contributes to the growth of the country’s GDP,' Al-Manie said. He said that once the 97 hospitals, which are currently
being built at a cost of SR17 billion, are completed in 2012 the number of hospitals run by the Ministry of Health would reach
350. 'One of the major challenges facing the Saudi health sector is the free health care offered to the 3 million Haj and 10 million
Umrah pilgrims who visit the Kingdom annually. For instance, many pilgrims suffer from heart problems, which require
expensive medical equipment and expert care,'.." [more]
Saudi-Japan Relationship Grows Stronger [Jun 25]
"Saudi Arabia and Japan enjoy a warm, longstanding relationship with the Kingdom supplying most of Japan’s oil needs and
many Japanese companies partnering in multibillion dollar projects here. But the relationship goes beyond business.. ..“Cooperation between our two countries on petroleum issues has a long history, and covers many different facets of the oil
business,” Al-Khayyal said, noting that Saudi Aramco has maintained offices in Japan for more than two decades. He added: “As
Japan’s largest supplier, we are proud of the role that our petroleum has played in Japan’s tremendous economic success over the
last half century, and we remain committed to supplying the crude oil and petroleum products that Japanese consumers need to
maintain their way of life.” He also discussed current challenges the oil industry faces.."
[more]
Top Saudi Official: Ball in Israel's Court if it Wants Peace With Us [Jun 25]
"Prince Tourki M. Saud al-Kabeer, Saudi Arabia's assistant deputy minister for political affairs, said Wednesday that "the ball is in
Israel's court," when asked of the possibility of establish full diplomatic relations between the two countries.. ..The prince added
that the prospect of striking a separate peace deal between Israel and Saudi Arabia before arriving at such an agreement with
other Arab states is out of the question. Tourki said that Saudi King Abdullah's 2002 Arab peace initiative "offered Israel concrete
things," but that Jerusalem had failed to give a positive response. He slammed Israel's continued settlement activity in the West
Bank, and said that peace was an impossibility so long as the separation fence harms the fabric of Palestinian life. "Good will has
to come from the Israeli side,".." [more]
Saudis Hold 520 Terror Suspects [Jun 25]
"Saudi Arabia is holding 520 suspected militants following raids across the kingdom this year, its interior ministry says. They are
accused of links to what it called the "deviant group" - a term used for
al-Qaeda by Saudi officials. They said the accused were of
various nationalities and had been plotting attacks in and outside Saudi Arabia. Officials said a further 181 suspects detained in
2008 had been released because of a lack of evidence. The militant arrest figures are thought to be the largest and most
comprehensive ever released by the Saudi authorities. The ministry said one group of suspects was detained close to an oil export
terminal and major petrochemical plants in Yanbu, on the Red Sea coast. The authorities said another alleged cell, which included
Africans, was broken up in eastern Saudi Arabia after trying to gather information about oil facilities.."
[more]
Swiss Gov't Approves Controversial Weapons Exports [Jun 25]
"The Swiss government on Wednesday approved exports of weapons to Saudi Arabia, South Korea and Egypt totaling 3.58
million Swiss francs (about 3.45 million U.S. dollars). The decision followed a campaign to ban such transactions by the pacifist
group Switzerland without an Army, the official Swissinfo website reported. South Korea will receive assemblies and spare parts
for anti-aircraft systems in the amount of 1.3 million Swiss francs (about 1.25 million U.S. dollars), according to a statement by
the economics ministry. Saudi Arabia has purchased 879,000 Swiss francs (about 84,5000 U.S. dollars) in machine guns and
weapons accessories, and the Egyptian defense ministry has procured machine guns, grenade launchers and accessories worth 1.4
million Swiss francs (about 1.35 million U.S. dollars). The Swiss government said it would monitor the use of the weapons by the three countries.."
[more]
~~~~~~~~ [ Jun 24] ~~~~~~~~~
AGFUND Joins Fight Against Human Trafficking [Jun 24]
" Prince Talal, president of Arabian Gulf Program for United Nations Development Organization
(AGFUND), signed an
agreement recently to finance and sponsor a project to fight human trafficking. The project will cost $400 million and the
International Labor Organization will be involved to make sure that labor rights are not violated. This project is one of the global
initiatives of the international program to fight human trafficking. According to the United Nations, 600,000 to 800,000 people are
traded annually across international borders; most of the victims are women and children. Human trafficking includes deceptive
recruitment practices that lure laborers into working in foreign countries under false pretenses.."
[more]
EADS Near $1 bln Saudi-Iraq Border Deal [Jun 24]
"A consortium led by European aerospace group EADS is favourite to win a $1 billion contract to build a border fence shielding
Saudi Arabia from Iraq, executives at the Saudi business partner said. Saudi Arabia, the world's largest oil exporter, wants to
build a razor-wire fence along the 900-km (560 mile) frontier with its northern
neighbour, with thermal imaging and radar
equipment. An official at Al-Rashed Trading & Contracting, who declined to be identified, told Reuters the Saudi group had
received a letter of intent for the work and was "working and completing some requirements for the client". The two companies
comprise the consortium.. ..Officials at Saudi Arabia's Ministry of Interior could not immediately be reached for comment.
Jacques Bourgeois, general delegate for EADS in Saudi Arabia was not available when contacted. Two contractors bidding for the
project told Reuters in September the project would cost about 4 billion riyals ($1.07 billion) and was part of a wider defence plan
to secure the country's 6,500 km (4,000 miles) borders.." [more]
~~~~~~~~ [ Jun 23] ~~~~~~~~~
Knowledge Forum Opens in Madinah [Jun 23]
"Madinah Governor Prince Abdul Aziz ibn Majed opened an international knowledge forum here yesterday and emphasized
Saudi Arabia's efforts to further enhance its investment climate and create more educational and training opportunities to its
citizens. Addressing the opening session, Amr Al-Dabbagh, governor of the Saudi Arabian General Investment Authority
(SAGIA), stressed
his organization's strategy to attract international investment to knowledge-based industries at Madinah's Knowledge Economic
City (KEC). KEC also aims at attracting leading scientific institutions and Muslim scientists and intellectuals from different parts
of the world to Madinah, he said. 'KEC is set to become a major driving force of the national economy. It will also create more job
opportunities for
Saudis,' .." [more]
New Field to Give Saudis 500,000 bpd Capacity Boost [Jun 23]
"Saudi Arabia will start adding 500,000 barrels a day of oil to total capacity when the Khursaniyah field comes on stream in
August, an official at state-run oil company Saudi Aramco said. The kingdom also expects to start production at its 1.2 million-barrel a day Khurais oil field by June 2009, Amin al- Nasser, senior vice president of exploration and production at Saudi Aramco,
said today. The Khurais field has a reserve of 27 billion barrels, he said. Saudi Arabia, the world's biggest oil exporter, plans to increase production for a third straight month in July and further boost output as needed to curb record prices. The country will
raise daily crude output by 200,000 barrels to 9.7 million barrels next month.."
[more]
Saudi Arabia Pledges to Pump More Oil [Jun 23]
"Saudi Arabia has pledged to increase oil production to a level not seen in more than 25 years. The pledge by Saudi officials came
as welcome news to many. At an international oil meeting Sunday, the kingdom vowed to increase oil production to its highest
rate since 198 -- from 9 to 9.7 million barrels a day. Saudi officials warned that prices may not fall in the near future. "It will be, I
think, unfair to gauge the success or failure of this meeting by how prices in the short term will perform," said Deputy Oil Minister Prince Abdel Aziz bin
Salman.. ..The Saudi pledge comes as U.S. officials on both sides of the aisle argue their own
solutions to the nation's oil and gas crisis. Last week President Bush asked Congress to combat rising prices by lifting the ban on
offshore oil and gas drilling.." [more]
~~~~~~~~ [ Jun 22] ~~~~~~~~~
China is a Key Partner: Sultan [Jun 22]
"Crown Prince Sultan and Chinese Vice President Xi Jinping held talks here yesterday and signed a joint declaration to strengthen
strategic cooperation between the two countries. 'We in Saudi Arabia consider China an important and effective partner,” Prince
Sultan said at the outset of his meeting with the Chinese leader. “We look forward to a bright future in our relations against the
backdrop of our two countries’ historic and cultural heritages and huge economic and cultural potentials,' the Saudi Press Agency
quoted the crown prince as telling his Chinese guest. In his speech, Xi said Beijing had given the utmost importance to its relations
with Saudi Arabia.." [more]
Sultan Outlines Kingdom’s Tourism Goals [Jun 22]
" Prince Sultan bin Salman, secretary-general of the General Commission for Tourism and Antiquities
(GCTA), said yesterday that
the commission aims to make Saudi Arabia one of the most-favored tourism destinations in the region. Prince Sultan was
speaking at a luncheon meeting organized to launch GCTA’s summer tourism program. The tourism plan, Prince Sultan said, has
details of the events, fun and frolics, traditional arts, folklore skits and sporting events that will be organized by local companies
and tourism organizations in cooperation with the GCTA in different parts of the Kingdom this year. 'Our aim is to ensure
sustainable growth of tourism sector and to offer the best tourism products and services with an aim to promote domestic
tourism,'.." [more]
Kingdom Has No Magic Wand: Abdulaziz [Jun 22]
"Saudi officials said yesterday that the Kingdom has no 'magic wand' that will resolve the skyrocketing oil prices. Addressing a
press conference ahead of tomorrow’s International Energy Conference here, Deputy Minister of Petroleum and Mineral Resources
Prince Abdulaziz bin Salman said: “There are political, economic and regulatory factors involved. 'The soaring oil prices require
immediate intervention by everyone. Combined solutions are needed where roles are defined.' Echoing a commonly held view that market speculation has at least as much of a role in current pricing as supply, the prince said that no single factor is in play
and that it is in Saudi Arabia’s interests to see a stabilization of the market.."
[more]
Saudi Arabia Will Raise Oil Output 2% in July to Curb Prices [Jun 22]
"Saudi Arabia, which convenes a meeting of government and business leaders today to discuss world energy markets, said it will
raise its oil production by 2 percent in July in a bid to curb record prices. Production will increase by 200,000 barrels a day to 9.7
million barrels starting in July, Saudi Oil Minister Ali al- Naimi told reporters in Jeddah, Saudi Arabia, yesterday. State- owned
Saudi Aramco will soon add 500,000 barrels, or 4.6 percent, to the kingdom's total capacity with its Khursaniyah field. Oil doubled in the past year, touching a record $139.89 a barrel on June 16, as investors bought
commodities to hedge against a weakening U.S. dollar and concern mounted that demand is growing faster than supply. The advent of $4 a gallon gasoline in the
U.S. sparked concern the economy may slip into recession.." [more]
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