Ali Al-Naimi, Minister of Petroleum and Mineral Resources confirmed that the Kingdom continues to invest in all phases of the oil and gas industry, even with the current decline in prices, in addition to investments in other sources of energy such as solar power.
He explained in a speech during a session related to investing in oil and energy, which came within the agenda of the first Ministerial Meeting for the Ministers of Petroleum and Energy of the Group of Twenty, held in Istanbul during the period from 1 to 2 October: that the world is in need of access to energy in a clean, continuous and available manner at present and for future generations around the world.
The head of Saudi delegation participating in the meeting reported that: the most important factors that help to achieve this goal is the movement of prices which is clearly affecting the current and future investments, particularly in the long term in an important industry like oil.
He said that since the seventies the industry passed through sharp and high fluctuations in prices - up and down - which impact on investments in the oil, energy and continuity of the field, and this volatile situation, is not good neither for producing countries nor consuming countries, and the Group of Twenty can contribute to the stability of the market.
He added that the investment includes all phases of the industry such as: exploration, production, refining, and human competencies in terms of education, training, and rehabilitation; although investment in technology and scientific research are of particular importance, especially in the processes of making petroleum and fossil fuels more environmentally friendly, noting that Investment should include all sources of energy such as solar power and others.
He praised in the end of his speech the importance of investment in science, research and technology in order to make fossil energy sources cleaner and more appropriate to the requirements of the environment, and more happiness and prosperity for future generations.
On the sidelines of the meeting which was opened by His Excellency President Recep Tayyip Erdogan, President of the Turkish Republic, the Minister of Petroleum and Mineral Resources Ali Al-Naimi met with number of ministers of oil and energy, including US Energy Secretary Ernest Moniz, and Minister of Energy Alexander Novak and Indonesia's Minister of Energy Sudirman Said, and discussed during which bilateral relations in the fields of petroleum, and maintain a clean environment, using modern technology, and take advantage of technical progress and scientific research in these areas.
