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Saudi Arabia will open its valuable oil sector to foreign suppliers in order to ...

12/10/2005

Saudi Arabia will open its valuable oil sector to foreign suppliers in order to join the World Trade Organisation (WTO). In a bilateral deal with the US, which will have to be matched for other WTO members, the Saudis, said the US Trade Representative (USTR), will allow US companies to compete against local energy service providers for ‘oil and gas exploration and development, pipeline transport of fuels, management consulting technical testing and analysis, and repair and maintenance of equipment, among others’. Given the country’s low oil production costs, this liberalisation ‘presents major opportunities’, said the USTR.

News Item details

Region: Middle East|World

Keywords: Government

Subjects: Energy engineering, Energy efficiency, Banking, finance and investment, Trading, Management and commerce, Measurement, testing and control, Inspection and maintenance, Maintenance, Policy and Governance, Economics, business and commerce, Pipeline, Energy consumption, Transport, Transportation of products, Oil and gas extraction, Oil, Primary energy production