TITLE

What future for the $25bn Gas Deal?

AUTHOR(S)
Siddiqi, Moin A
PUB. DATE
August 2003
SOURCE
Middle East;Aug/Sep2003, Issue 337, p48
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The Saudi Gas Initiative, promulgated five years ago, the symbol of the Saudi Arabia's economic reform strategy aimed at attracting foreign direct investment into the non-oil economy, has collapsed. But the ambitious initiative now looks likely to survive in a different form. The 25 billion dollars flagship project, brainchild of Crown Prince Abdullah, was conceived in August 1998, when government finances were low, as oil prices fell to 10 dollars a barrel. The underlying aims were to allow western energy giants develop huge unexploited natural gas resources and inject foreign capital and technical expertise into a new industry of power stations, desalination plants and petrochemicals complexes.
ACCESSION #
10572823

 

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