Saudi Arabia's oil minister might resign

The British Financial Times yesterday quoted sources at oil industries that the Saudi Arabian oil minister Ali al-Nueimi who has been assuming his post since 1995, expressed his desire to retire. A matter which will eliminate one of the main obstacles which impede foreign investors from joining the Saudi gas sector. However, Saudi Arabia will be witnessing a Ministerial Reshuffle in May.

The Saudi gas initiative, a project launched officially in June 2001, at a value of 25 billion dollars, states the possibility of the participation of foreign companies active in the oil and gas affairs in exploring and then investing natural gas resources in the Kingdom within the context of a partnership with the Saudi Aramco company.