RIYADH, 2 May 2007 — Saudi Arabia will continue to show its commitment to Asian markets by developing strategic joint ventures with Asian countries. Currently the Kingdom has formed joint investments with four Asian countries — Korea, Japan, China and the Philippines — Assistant Minister of Petroleum and Mineral Resources Prince Abdul Aziz ibn Salman said here yesterday.
The Kingdom is hosting today the 2nd Asian Ministerial Energy Round Table under the theme (Promoting Prosperity through Energy Interdependence and Cooperation). The event will be attended by ministers from over 20 oil producing and consuming countries. Japan is co-hosting the event.
Addressing a press conference here yesterday, Prince Abdul Aziz noted that “the Kingdom has a solid base for future commitment to the Asian market.” He said the Kingdom exports 4.5 million barrels of crude oil to Asia, representing 60 percent of its total production.
“We have a huge joint investment coming along in Rabigh in upgrading and expanding refineries,” he said. He also said that there was another refining investment in Korea, which is to be expanded in the near future.
Commenting on joint investment in China, Prince Abdul Aziz said that the Kingdom had recently finalized a joint venture there, adding that there was a promising opportunity for the Saudi commitment to be further expanded into the Chinese market.
“During the visit of the Chinese premier here, Saudi Aramco signed an agreement with a Chinese company to provide China with one million barrels of oil per day in the next few years,” he said.
He said the Kingdom would continue to market its investments in Asia, saying they were profitable and had great results. “The show is not over yet,” he said.
In response to a question, the prince denied that OPEC was a cartel, saying that “it was not and will never be one.”
He also said OPEC and IEA would be present as part of the debate with no party dominating the other.
