Source Pravda.Ru

Abdullah Calls For Talks With Shell And Exxon

The Saudi Crown Prince Abdullah has invited the Chairmen of Royal Dutch Shell Group and ExxonMobil for talks to salvage the twenty five billion dollars worth of planned investments in the kingdom's natural gas industry, company officials have said.

The kingdom needs partners to help develop aluminum, chemical and other industries outside of oil. Because of lower prices, Saudi Arabia this year may have its worst recession in seventeen years. Shell and partners want the contracts to gain a foothold in the country, which holds a quarter of the world's known oil reserves.

“There comes a point in time where you have to reach a conclusion, and I think we are close to that time,” said Ihsan Bu-Hulaiga, a member of the kingdom's Shura Council, an appointed consultative body that studies legislation.

Abdullah initiated talks for the country's biggest single foreign investment at a meeting with executives from Shell, Exxon Mobil and their rivals at a 1998 meeting in Washington. Talks since then with lower Saudi officials have failed over the split of profits from the ventures. The companies want returns of around fifteen percent, in line with other projects.

Visit to

&to=http://www2.shell.com/home/Framework' target=_blank>SHELL

&to=http://www2.exxonmobil.com/corporate/' target=_blank>EXXONMOBIL

Comments
Russian Finance Minister: Pensioners live too long
Russian Finance Minister: Pensioners live too long
The Dark side of the Moon and the western political circus
Russian Defense Minister speaks about war with Ukraine, US and fight for Crimea
Russian Defense Minister speaks about war with Ukraine, US and fight for Crimea
Is President Trump a traitor because he wants peace with Russia?
Is President Trump a traitor because he wants peace with Russia?
Is President Trump a traitor because he wants peace with Russia?
Trump versus the Traitors on Capitol Hill
Trump versus the Traitors on Capitol Hill
Is President Trump a traitor because he wants peace with Russia?
Europe suspects Ukraine was part of failed special operation to shoot down MH17
Lightning strikes tree under which five people were hiding from heavy rain
Europe suspects Ukraine was part of failed special operation to shoot down MH17
Russia to prove its innocence in MH17 disaster
Trump versus the Traitors on Capitol Hill
Putin warns of consequences should Georgia and Ukraine become NATO members
Trump versus the Traitors on Capitol Hill
Trump versus the Traitors on Capitol Hill
Putin warns of consequences should Georgia and Ukraine become NATO members
Putin-Trump summit in Helsinki held in the cross hairs of the Russian fleet