A conference on investment began here today. Minister of Petroleum and Mineral Resources Ali Al Naimi delivered a speech titled "Oil and Gas Industry in Saudi Arabia and their Role in the Development of National Economy." Following is the text of the speech: ...God has blessed the Arab people with many natural resources, the most important of which is petroleum and gas. However, these resources in their raw form do not meet the requirements of sustainable development which we are all pursuing. That's because their prices and production volumes fluctuate from one year to the next, at a time when the economies of the Arab countries need to grow and develop continuously, and independently of the revenues from these resources. We are, therefore, confronted with the challenge of how to exploit these natural resources to secure value addition, and to establish new associated industries and enterprises which are resistant to occasional market fluctuations and help us attain sustainable development. Such sustained development promotes the dignity, welfare, and progress of all citizens, and at the same time preserves the elements of our precious natural environment. Considering the paramount importance of this issue, I wish to speak about the Kingdom of Saudi Arabia's experiences in this area, and outline the objectives we seek to achieve through the wise use of our natural resources. As you are aware, the Kingdom owns massive reserves of oil, natural gas, and mining ores such as bauxite, phosphate and others. Our petroleum reserves amount to about 264 billion barrels, or one quarter of the world's proven reserves. Furthermore, all indications highlight the possibility of increasing these reserves by almost 200 billion barrels. In other words, the Kingdom will continue to be the largest and the most important oil producer and exporter during the 21st Century, just as it has been over the past half-century. --more
