Al-Falih: KSA ‘always reacts’ to oil supply and demand

19/07/2016 05:10 AST

Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said on Sunday the Kingdom always reacts to oil market supply and demand and it would continue to monitor crude markets for any developments.

Al-Falih also said that final agreements with foreign investors taking part in state oil giant Saudi Aramco's huge ship repair and shipbuilding complex that it is developing at Ras Al-Khair would be signed "over the next few weeks and months".

The complex, on the Kingdom's east coast, is due to be fully operational by 2021. Lamprell, Aramco, National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries signed a potential partnership agreement relating to the yard earlier this year.

Al-Falih added that the world's largest oil exporter should own the largest oil shipping company, with a fleet that matches the kingdom's oil reserves and sales.


Arab News

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