ENERGY

Saudi energy minister: Deals signed at Riyadh conference worth $56 bln

Falih also said the United States will remain "a key part" of the Saudi economy. (File photo: Reuters)

Deals signed at the Riyadh Future Investment Initiative conference reached a total value of $56billion, Saudi Energy Minister Khalid Al-Falih said on Thursday.

"There were more than 25 deals signed worth $56 billion," Al Falih said in remarks carried by state TV al-Ekhbariya, adding that American companies accounted for most of the deals signed in the conference.

Falih also said the United States will remain "a key part" of the Saudi economy despite a boycott of the Future Investment Initiative conference.

"The U.S. will remain a key part of the Saudi economy because the interests that tie us are bigger than what is being weakened by the failed boycotting campaign of the conference," he said.

Falih said Saudi Arabia and Russia agreed to extend their pact to preserve oil stability

"Saudi Arabia and Russia will interfere together, along with the heads of the other producing states, to prevent the market form falling out of balance," the minister said.

Falih said he expected the details of the Saudi Basic Industries Corp (SABIC) deal to be finalized within the first half of 2019.

Falih added that the sale of stake in petrochemicals firm SABIC to state oil giant Saudi Aramco is subject to regulatory
conditions.

Aramco Chief Executive Officer Amin Nasser had said on Tuesday that anti-trust regulations abroad will mean that the
company’s planned acquisition of a stake in Saudi Basic Industries Corp (SABIC) will take time.

(Reuters)
 

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Last Update: Thursday, 25 October 2018 KSA 11:45 - GMT 08:45
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