Arab News cited Ms Maria Van der Hoeven executive director of International Energy Agency as saying that Saudi Arabia's commitment to meeting rising demand for oil and gas from the global markets will be a key driver in efforts to revive global economic growth.

Ms Van der Hoeven the global publishing, research and consultancy firm Oxford Business Group that the state owned Saudi Aramco's capacity to provide 2.5 million barrels per day more than current production levels took on added importance in the current economic climate. Saudi Arabia has long been a lynchpin of global oil and gas production. The Kingdom has proven a reliable partner and supplier. I am particularly glad to have such reassurances now.

She highlighted the investment Saudi Arabia was channeling into key developments which she said would prove instrumental in helping the Kingdom maintain production. A large new offshore oil field, Manifa, is due to come on-stream in early 2013. In addition the Kingdom's first large offshore gas field, Karan, is coming on stream around late 2012.

The full length commentary by Ms Van der Hoeven will appear in The Report: Saudi Arabia 2013, the group's forthcoming guide on the country's economic activity and investment opportunities. The landmark report will include a detailed, sector by sector guide for foreign investors, alongside a wide range of interviews with the most prominent political, economic and business leaders including Turkey's Minister of Economy Mr Zafer Ca layan, the former prime minister of Pakistan Mr Shaukat Aziz and EU Trade Commissioner Mr Karel De Gucht.

Ms Van der Hoevensaid that Saudi Arabia is certainly not standing still. It has successfully explored for extra gas in the southeast and is exploring in the north west of the Kingdom and offshore in the Red Sea. Saudi Arabia was also well placed to play a key role in developing sustainable energy technologies which it was exploring through scientific research.

She said that Saudi Arabia holds a natural advantage in solar power, and experience elsewhere in the region suggests that the Kingdom could benefit from both photovoltaic systems and from developing larger concentrated solar power projects. The IEA is pleased with the collaboration we enjoy with Saudi Arabia and impressed by the nation's dynamic plans for energy developments.

Source - Arab News

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