The Ministry of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia welcomes the introduction of the new tax regime for all hydrocarbon producers operating in the Kingdome as another positive step in the diversification of the economy. Commenting on the Royal Order, Minister of Energy, Industry and Mineral Resources Engineer Khalid Al-Falih said: "We thank the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud for His directive regarding the Royal Order on Tax that is decreed in the interests of the Kingdom of Saudi Arabia, its citizens and future generations." "This Royal Order on tax for oil and hydrocarbon producers operating in the Kingdom brings the Kingdom of Saudi Arabia in line with international benchmarks." "It is very important to make it clear that the hydrocarbon resources of the Kingdom of Saudi Arabia remain sovereign and that any reduction in tax revenues arising from this Royal Order is replaced by stable dividend payments and other sources of revenue from hydrocarbon producers to the Government."
