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Al Falih: Demand on Saudi Oil Rises in Two Years | ASHARQ AL-AWSAT English Archive 2005 -2017
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An oil tanker is anchored in New York Harbor. REUTERS/Brendan McDermid

Riyadh- The Saudi minister of energy and industry,Eng.Khaled Al-Falih, said that the Saudi petroleum policy is stable and balanced. This adopted policy aims to maintain the markets’ stability, protect the producers and consumers’ interests and fulfill the market‘s petroleum needs.

“In the past two years, Saudi Arabia witnessed an increase in demand on oil that was fulfilled by Aramco”, said Al-Falih on the sidelines of Arab Petroleum Investments Corporation and National Shipping Company of Saudi Arabia announcing the inauguration of an investment fund worth USD1.5 billion that aims at acquiring 15 giant petroleum tankers.

According to Al-Falih, this fund will allow Saudi Arabia to get the highest added value of petroleum and provide energy for Aramco clients. “Timing is essential; many countries are cautious in investments amid current recession. Thus, when Saudi Arabia announces such a huge investment this sends a clear message that the Kingdom is moving forward in building its private sector companies and infrastructure”, said Al-Falih.

Al-Falih also said that this investment indicates that the Saudi financial market is still strong and has liquidity, not to mention the financial house’s capability to fund such huge projects. “There are several important and influential signs, and they all support the accomplishment of Saudi Vision 2030”, added the minister.

In another news, the Al-Falih revealed an upcoming marine compound to be inaugurated in the coming months. He added, “The compound will perform comprehensive operations from maintenance of petroleum facilities and ships to construction of giant ships in the future”.