Naimi said the Kingdom has positively contributed to confront the increasing world demand for petroleum, and consequently the Kingdom's production has jumped from 7.7 million barrels per day in 1999 to 9.5 million barrels per day. The petroleum producing countries notably the Kingdom of Saudi Arabia are capable of meeting the increasing demand for oil', he said.. Al-Naimi pointed out that Saudi Aramco is working to increase its refinery capacity within the next five years by about two million barrel per day. He urged the major oil consuming and producing countries to cooperate for overcoming obstacles that might face the refinery industry so as to make the oil market stable. Al-Naimi said the Kingdom is keen on the stability of the oil market. He expected that the Saudi economy will steadily go ahead on the path of growth within the upcoming years. The Kingdom will witness within this decade a great expansion in the production of petrochemicals, he said. Al-Naimi said Ras-al-zour city will be established as the first integrated mining city in the Kingdom within the next five years. He noted that the Cabinet had approved the strategy of privatization of Ma'aden company and to increase its capital to SR 8 billion. The Kingdom's economic future is promising and bright, and it is hoped that the Kingdom will be in the list of the biggest 20 economies of the world by the end of this decade, he added.
