VOL. XXXIII

NO. 9

4-DECEMBER-1989

Saudi Arabia

Saudi Arabia Denies Considering Swapping Oil Reserves for DownstreamAcquisitions

The Saudi Oil Minister, Mr. Hisham Nazer, has issued a statementcategorically denying a press report to the effect that Saudi Arabia isconsidering swapping its oil reserves for downstream acquisitions. The text ofthe statement, issued on 27 November, is as follows:

"The story which was published in Petroleum Intelligence Weekly (27November 1989) which claims that Saudi...