RIYADH, 24 June — The new accords signed by Saudi Arabia with international oil giants to develop its gas fields will bring in a minimum direct investment of SR75 billion ($20 billion). This was announced here yesterday by Foreign Minister Prince Saud Al-Faisal, head of the Saudi ministerial team that negotiated with the foreign firms. Saudi Arabia signed the deals with eight oil majors on June 3 to carry out three core ventures in the southeastern, western and northwestern parts of the country.
He said the Kingdom and the international oil companies have already started identifying and designing the gas projects, adding that this process would be completed in six months to launch the projects. He disclosed that Petroleum and Mineral Resources Minister Ali Al-Naimi has been appointed supervisor of negotiations with the oil giants. — Omar Al-Zobidy
