RIYADH, 19 March 2005 — President Gloria Macapagal Arroyo will be meeting Minister of Petroleum and Mineral Resources Ali Al-Naimi when he visits Manila next week to discuss energy, according to Philippine Ambassador Bahnarim A. Guinomla.
They will discuss oil and other related matters, including the country’s energy consumption,” said Guinomla, who has just arrived from Manila where he was instrumental in helping arrange the visit of a Saudi delegation from the Saudi Chambers of Commerce and Industry. He said the visit is very timely, considering that the price of “oil is about to hit $60 per barrel.”
He noted that Saudi Arabia also has interest in the Philippine oil sector since the Kingdom has a stake in Petron.
“The Kingdom has 40 percent ownership in the oil firm, the Philippine government owns 40 percent while the remaining 20 percent belongs to the private sector,” the ambassador said.
Guinomla added that while in Manila he urged Filipino businessmen in southern Philippines to organize a business delegation to the Kingdom and reciprocate the visit of the Saudi businessmen recently.
While in Manila, the Saudi delegation met with Philippine Chamber of Commerce and Industry (PCCI) officials.
A Philippine businessmen’s visit will also help boost the country’s trade volume with the Kingdom. Last year, Saudi exports touched $1.131 billion while its imports from Manila crossed merely $339.15 million.
The ambassador said that there are many products in southern Philippines which could be potential dollar earners for the country. Traditional products exported by Philippines to the Kingdom include processed foods, furniture, garments, machinery, and equipment and parts.
