Minister: Saudi Always Reacts To Oil Supply And Demand, Watching Market

Reuters

RIYADH, July 17 (Reuters) - Saudi Arabia's energy minister said on Sunday the kingdom always reacts to oil market supply and demand and it would continue to monitor crude markets for any developments.

Khalid al-Falih also said that final agreements with foreign investors taking part in state oil giant Saudi Aramco's< IPO-ARMO.SE> huge ship repair and shipbuilding complex that it is developing at Ras al-Khair would be signed "over the next few weeks and months".

The complex, on the kingdom's east coast, is due to be fully operational by 2021. Lamprell, Aramco, National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries signed a potential partnership agreement relating to the yard earlier this year.

Falih added that the world's largest oil exporter should own the largest oil shipping company, with a fleet that matches the kingdom's oil reserves and sales.

He was speaking on the sidelines of an event marking the signing of an agreement between Bahri and Arab Petroleum Investments Corp. (APICORP) to launch a $1.5 billion investment fund that could buy up to 15 very large crude carriers (VLCCs).

(Reporting by Marwa Rashad; Writing by David French, editing by David Evans)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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