SAUDI ARABIA: CANCELLATION OF PROJECTS TO DEVELOP NATURAL GAS FIELDS.(Brief Article)

IPR Strategic Business Information Database, October, 2003

A-Ra'y Al-Aam newspaper quoted a source in the oil sector who said in early June 2003 that the Saudi government cancelled a $15 billion agreement with a group of international energy companies headed by Exxon Mobil for the development of natural gas fields. The government also cancelled a $5 billion agreement with another international group headed by the Royal Dutch Shell energy company.

Oil Minister Ali a-NuAEaymi announced the governmentAEs final decision to the energy companies in early June 2003. The government also cancelled an agreement to carry out a natural gas project in the Red Sea with the Exxon Mobil group.