20000418

Enron, Occidental to offer joint Saudi plans-MEES

NICOSIA: US energy companies Enron Corp. and Occidental Petroleum will be competing jointly for investment opportunities in Saudi Arabia, the Middle East Economic Survey reported on Monday.

Enron and Occidential will meet with Saudi Foreign Minister Prince Saud al-Faisal, Oil Minister Ali al-Naimi and other members of a negotiating committee of the kingdom's newly-formed Supreme Council for Petroleum and Mineral Affairs on April 23.

On Sunday, the chairman of oil group Royal Dutch/Shell was the first of the executives from 11 oil companies to discuss proposals to invest in the kingdom's lucrative oil and gas industry.

Saudi Crown Prince Abdullah, the driving force behind Saudi Arabia's economic reforms, invited international firms to present ideas for investment in the kingdom in 1998.

Saudi Arabia, by far the world's biggest oil producer, has made it clear that the heart of its energy business -- upstream oil -- would remain off-limits to foreigners but is open to discussion on investment in gas exploration and production. -Reuters