producing states must continue to play a positive role for the stability of the petroleum market and industry, nurture international cooperation and seek to maintain oil as the basic source of energy. We are aware, and the world knows as well, that fossil fuel is one of the most important sources of energy and will continue to play a key role as a main source of energy for many decades to come, meaning it will continue to contribute to economic growth and human prosperity. On the other hand, and out of consideration for the environment, we must all focus on making oil available and environmentally friendly through the use of advanced technologies. Based on this premise, we, as oil producing and exporting Arab countries, have no choice but to focus on technology, and must demonstrate a powerful, active and scientific international presence and participation in issues related to petroleum and the environment. At the regional level, Arab countries are confronted with a set of similar challenges and issues in the oil industry and policies, and in the field of energy in general. This reality makes it imperative for the Arab states to pursue cooperation and perhaps integration in these fields. We have no alternative but to encourage and facilitate joint ventures and investments undertaken by the private sector and to promote synergy in technical education, studies and research, coupled with exchange of energy industry expertise. We must always remember that the educated and trained human element is the most precious of our assets and one of our greatest priorities. It is also important that the Arab states cooperate in energy issues on regional and global levels. At the domestic level, we have a special responsibility to our people. Here, I wish to address the Saudi experiment in this regard. The oil sector in the Kingdom of Saudi Arabia has been regarded as a pivotal hub in both the energy industry and the national economy for more than 67 years, and still accounts for the bulk of the GDP, the Kingdom's exports and government revenues. The Kingdom of Saudi Arabia has retained its leading position in the industry as the world's biggest oil exporter, with reserves accounting for more than 22 percent of global resources. The Kingdom has also developed its production capacity, maintained its proven reserve levels, and replenished quantities with new discoveries. The Kingdom also continued to develop its natural gas reserves and upgrade its production capacity. In 2004, a total of four natural gas concessions were granted to international companies for foreign investment in an area of up to 332,000 square kilometers in the Rub' al-Khali. The Kingdom has built its petroleum strategy on striking a balance between its economic interests and in maintaining oil as the main source of energy globally for the longest possible stretch of time. Simultaneously, the gas strategy aims at maximizing economic and social advantages to the Kingdom and utilizing oil and natural gas resources for power generation, water desalination, and manufacturing, and especially utilizing gas as a petrochemical industry feedstock. --More
