JEDDAH, 7 August 2003 — Saudi Arabia expects new investments worth SR75 billion ($20 billion) in 10 giant gas projects within the next six years, according to Petroleum and Mineral Resources Minister Ali Al-Naimi.
The minister told the Saudi Press Agency the new projects would create 12,000 direct job opportunities in addition to a great number of indirect jobs.
He said fresh domestic and foreign investments would come to supply petrochemicals to new industries. The new projects are expected to produce 18 million metric tons of petrochemicals and minerals.
“The products of these projects will serve as a basis for downstream industries such as plastics, insulators, carpets and fertilizer,” he said. Naimi said the new projects would start production between 2006 and 2009, adding they would strengthen the Saudi economy.
During the past four years, the Petroleum and Mineral Resources Ministry has licensed 19 up- and downstream projects involving investments worth SR26 billion. These projects, Naimi pointed out, created several job opportunities including 3,500 direct jobs.
Saudi Arabia expects an annual growth rate of nine percent in the energy and mineral sector, five percent in the industrial sector, and 4.5 percent in the electricity sector.
The growth rate in the petrochemical sector is expected to reach eight percent. Demand for gas in the Kingdom will amount to more than 12 billion cubic feet daily by 2025.
