What future for the $25bn Gas Deal?

Siddiqi, Moin A
August 2003
Middle East;Aug/Sep2003, Issue 337, p48
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.


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