RIYADH, 22 July — An informed source yesterday refuted suggestions that the Kingdom’s negotiations with international oil giants on three gas projects had failed. Speaking to Arab News, the source said the Saudi government was looking into the proposals to reach a final agreement between the two sides.
"The projects may be re-floated for bidding if the government rejects the final proposals," the source said, adding that the eight companies which were picked earlier to implement the projects could also make their offers, beginning from next year.
The source said the recent meetings between the Saudi negotiating team and top executives of Royal Dutch Shell and ExxonMobil, which lead the consortiums of companies to carry out the three projects, had discussed all points of differences. The projects, which require an initial investment of $25 billion, would cover a total area of more than 440,000 square kilometers.
The differences between the two sides are centered on the returns from investments and the regions allocated for investments.
