RIYADH, 18 February — Saudi negotiators held talks with oil giants ExxonMobile and BP Amoco Plc yesterday on investment plans in the Kingdom's multi-billion dollar gas sector. Foreign Minister Prince Saud Al-Faisal, who heads the team negotiating investment projects with oil firms, told Saudi Press Agency that the team met ExxonMobile's Lee Raymond in Riyadh.
"The meeting was positive and fruitful and comes at an important stage in negotiations and aims to evaluate progress made and discuss the next steps," Prince Saud said. "The Kingdom aims to start signing memoranda of understanding with the firms selected during April," he added.
The negotiating team also met BP chief executive John Brown, the news agency later said, without giving further details. Top executives from Royal Dutch/Shell, TotalFinaElf and Chevron Corp are also in Riyadh to hold similar talks with Saudi officials. The companies are keen to get more details about three huge gas projects that could provide a foothold in the Saudi upstream sector for the first time since nationalization in the 1970s.
Sources said the four companies were all grouped in the same Core Venture 1 group vying to develop the South Ghawar area. "The Kingdom seeks to attract major and urgent investments to boost economic infrastructure, raise growth levels, provide new employment and training opportunities for citizens and attractive opportunities to employ Saudi capital," said Prince Saud.
