Saudi Arabia presents oil companies with three core projects

Jul 17, 2000 02:00 AM

Saudi Arabia has presented International Oil Companies (IOCs) that have been short-listed to bid for upstream and integrated natural gas projects and downstream oil projects with three core projects, the Middle East Economic Survey reported.
They may present bids to invest in the following core projects:
--Haradh gas development project -- in partnership with Saudi Aramco which is already seeking bids for lump-sum turn-key contracts for a planned 1.4 bn cfpd gas processing plant.
--Integrated Rabigh refinery and petrochemical project.
--Gas development in the Kidan and Shaybah fields in the south-eastern part of the kingdom.

The Saudi negotiating team has also made it clear to the IOCs that investment is not limited to core projects listed above and it is also open to receive other proposals. The list of projects was revealed to representatives of IOCs during a technical meeting in Riyadh on July 12.
Representatives of the IOCs will attend a technical meeting hosted by seniorofficials of Saudi Aramco. Prince Saud al-Faisal told IOCs that Saudi Aramco would be a partner in the core projects being discussed.
Based on the briefings they have been given and replies to questions previously submitted in writing, IOCs are completing revised investment proposals which have to be submitted to Saudi negotiators six weeks after the July 12 meeting -- August 26. Saudi Aramco will open a data room to be available to the IOCs after the proposals are submitted.
Prince Saud said July 13 that the Saudi negotiating team would study and assess the proposals before preparing recommendations to be submitted to the Supreme Council for Petroleum and Mineral Affairs, which would take decisions as it saw fit.

Source: Bridge News via Newspage
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