The Minister of Petroleum and Mineral Resources of Kingdom of Saudi Arabia Eng. Ali bin Ibrahim Al-Naimi stressed that the Kingdom has greatly participated in insuring the stability of the oil market in the long term as the Kingdom has been the pioneering source of energy through its possession of a quarter of the world proven oil reserves. Addressing Petrotech Conference 2007 here today, he said that our goal is promotion of an environment conducive to achieving sustainable world prosperity through among other factors preservation of surplus energy ranging between 1.5 and 2 million barrels per day. The Kingdom of Saudi Arabia, the biggest oil producer and exporter in the world, realizes that the availability of reliable energy in acceptable prices is necessary for economic development and prosperity, he noted. Assuring that the Kingdom of Saudi Arabia will increase the availability of energy to global markets, he said,' This is backed up by concrete plans and actions and the commitment of more than $80 billion for capital projects aimed at increasing the supply of energy to world markets and alleviating infrastructure bottlenecks.' 'The Kingdom of Saudi Arabia has been continuously working to expand its ability to deliver energy to world markets especially to the growing Asian markets''. 'Our first priority is a massive investment program to increase our sustainable production capacity to 12.5 million bpd by 2009 in addition to other projects to be executed after 2009 if necessary for the market,'' Al-Naimi added. --More
