Saudi Minister of Energy expects more trading

Saudi Minister of Energy, Industry and Mineral Resources Khalid Al Falih said Thursday that relations between Saudi Arabia and Iraq are expected to witness more cooperation in the coming phase.

Fields of cooperation will be specifically among trading and opening joint investments.

Al Falih held a meeting in his office in Jeddah on Thursday with Iraqi Minister of Oil Jabbar al-Luaibi who is visiting Saudi Arabia.

During the meeting, they discussed issues of mutual concern and joint initiatives in the fields of power, industry, mineral resources and trade.

Al Falih said that this visit, which came upon his invitation to the Iraqi minister during his recent visit to Iraq, asserts the Kingdom's keenness on enhancing relations and economic ties with Iraq.

Iraq has promising economic capabilities and cooperation between the two countries will boost such abilities within the region, Al Falih noted.

Iraq also is a prominent member in Organization of the Petroleum Exporting Countries (OPEC) and signed the agreement with non-OPEC countries that would complement the market in restoring a global oil demand and supply balance, in particular the drawdown in the stocks overhang, which is currently at a very high level, Al Falih added.

During his visit, the Iraqi minister visited Saudi ARAMCO oil company, facilities of Jubail Industrial City in addition to a number of power and petrochemical projects.

Source : Mena