NO GOVERNMENT INVOLVEMENT IN PRIVATE SAUDI OIL ACQUISITIONS

There is no involvement of any kind by the Saudi Government in recent downstream oil acquisitions by various groups of Saudi private investors, MEES is informed by a leading Saudi oil official. The latest such acquisition deals include the purchase by First Arabian Corporation of Chevron's refining and marketing operations in Italy, and a potential $100mn investment by a Saudi group in Coastal Corporation's ailing refinery...