RIYADH, 8 March 2007 — Saudi Arabia does not expect Gulf states to change a system of dollar-pegged exchange rates before they finalize plans for monetary union, the finance minister was quoted yesterday as saying. “I do not expect a review of the dollar peg ... before finalizing arrangements for monetary union,” Al-Watan newspaper quoted Ibrahim Al-Assaf as saying.
Sinopec Eyes Refinery Deal With Aramco
Reuters
BEIJING — Asia’s top refiner, Sinopec Group, hopes to finalize within the year a deal with Saudi Aramco to run a second joint-venture refinery in China’s eastern Shandong province, Du Guosheng, assistant general manager of Sinopec, said yesterday. Saudi Aramco would take a 25 percent stake.
Zoujaj to Vote 2006 Dividend
Reuters
RIYADH — The Saudi National Glass Industries Company (Zoujaj) has called an ordinary general meeting for April 8, 2007, which is to approve the board’s proposal for a 10 percent cash dividend for 2006, equal to SR1.0 ($0.267/0.203 euro) per share.
FPC Invites Candidates for Board Members
Reuters
RIYADH — Saudi Food Products Company (FPC) has invited all shareholders willing to apply for board members to submit their applications by March 24, 2007. The new board will be elected for a three-year term starting from April 9, 2007, following approval by the general shareholders’ meeting.
Every holder of at least 1,000 shares in FPC can apply for a board position.