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Volume 41 Issue 5
6
OAPEC Member Countries
KSA
During its session on 13April 2015 headed
by the Custodian of the Two Holy Mosques,
HM King Salman bin Abdulaziz Al Saud,
the cabinet of Saudi Arabia reiterated that
the kingdom remains willing to participate
in restoring the world’s oil market stability
and improving prices in a reasonable and
acceptable manner. But this can only be
done with the participation of major oil
producing and exporting countries and it must
be transparent. The cabinet statement also
repeated that Saudi Arabia does not use oil for
political purposes against any country, and that it is not in competition with shale or other sources.
KSA cabinet said it welcomed all new energy sources which add depth and stability to the market.
South Korea’s Seoul Municipality
decided to name a road after the Saudi
Petroleum andMineral Resources Minister
HE Engineer Ali Al Naimi. Al Naimi’s
name has been put on a plaque in English
with another bearing the name of S-Oil
company behind it. Aramco owns 66.4%
of S-Oil shares, which is the third biggest
oil refiner in South Korea with a capacity
up to 680,000 b/d.
Earlier on 22 April 2015, HEAl Naimai
held a meeting with HEChoi Kyung Hwan,
South Korea’s Deputy Prime Minister,
Minister of Strategy and Finance. The
meeting tackled the world’s oil market
conditions, the role of oil producing and
consuming countries in achieving stability,
as well as, mutual cooperation between
the two countries including S-Oil and joint
oil investments and relevant industries, in
addition to, environment.
Saudi Press Agency (SPA) quoted Al
Naimi saying that South Korea is one of
the most important countries enjoying
distinguished oil and trade relations with
KSA. It is the fourth biggest trade partner
with the KSA, and the fourth biggest Saudi
oil importer with about 850,000 b/d. The
Minister hoped that South Korea would
consider investing in the industrial sector
since it has all the potentials to do so.
South Korea Names a Road after HE Eng Ali Al Naimi