Saudi Arabia outlines efforts to supply international energy needs

May 24, 2006, 15:43 GMT

Riyadh - German Foreign Minister Frank-Walter Steinmeier met with Saudi Arabia's Oil Minister Wednesday for an overview of the kingdom's projects in the field of oil and gas and Riyadh's efforts to supply the international market with all its energy needs.

The Saudi Press Agency said Saudi Oil Minister Ali Al-Naimi welcomed Steinmeier and the German delegation and informed them of the Saudi government's efforts to supply the international market with all its energy needs in cooperation with member countries of the Organization of Petroleum Exporting Countries (OPEC).

Al-Naimi also pointed out future giant projects which are to be implemented by Saudi Arabia in the areas of oil and gas exploration in addition to increasing production capacity and constructing new petroleum refineries.

He also affirmed the kingdom's keenness to stabilize the international petroleum market.

Saudi Arabia is the world's largest oil producer and exporter.

Steinmeier arrived Tuesday in Saudi Arabia as part of a Gulf tour which has already taken him to Kuwait, Oman and the United Arab Emirates to discuss greater cooperation with the oil-rich region and the European Union's stance on key Middle East issues.

Steinmeier continued on to Bahrain Wednesday where he met with local officials and opened a 310-million euro gas turbine factory built by Siemens.

The plant in the northeast of the capital Manama is to produce around 470 megawatts of electricity in its first phase and by early 2007 should be yielding 950 megawatts once all four gas turbines are operating.

He was due to arrive in Qatar Wednesday night, his last stop on the Mideast trip. Qatar has the world's third largest gas reserves, after Russia and Iran, and wants to develop as the biggest liquid gas exporter.