• 2 hours WTI At 7-Month High On Supply Optimism, Kurdistan Referendum
  • 9 hours Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil
  • 14 hours Petrobras Creditors Agree To $6.22 Billion Debt Swap
  • 18 hours Cracks Emerge In OPEC-Russia Oil Output Cut Pact
  • 22 hours Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut
  • 23 hours Chevron To Invest $4B In Permian Production
  • 1 day U.S.-Backed Forces Retake Syrian Conoco Gas Plant From ISIS
  • 1 day Iraq Says Shell May Not Quit Majnoon Oilfield
  • 4 days Nigerian Oil Output Below 1.8 Million BPD Quota
  • 4 days Colorado Landfills Contain Radioactive Substances From Oil Sector
  • 4 days Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal
  • 4 days Japan Court Slams Tepco With Fukushima Damages Bill
  • 4 days Oil Spills From Pipeline After Syria Army Retakes Oil Field From ISIS
  • 4 days Total Joins Chevron In Gulf Of Mexico Development
  • 4 days Goldman Chief Urges Riyadh To Get Vision 2030 Going
  • 4 days OPEC Talks End Without Recommendation On Output Cut Extension
  • 4 days Jamaican Refinery Expansion Stalls Due To Venezuela’s Financial Woes
  • 5 days India In Talks to Acquire 20 Percent Of UAE Oilfield
  • 5 days The Real Cause Of Peak Gasoline Demand
  • 5 days Hundreds Of Vertical Oil Wells Damaged By Horizontal Fracking
  • 5 days Oil Exempt In Fresh Sanctions On North Korea
  • 5 days Sudan, South Sudan Sign Deal To Boost Oil Output
  • 5 days Peruvian Villagers Shut Down 50 Oil Wells In Protest
  • 5 days Bay Area Sues Big Oil For Billions
  • 5 days Lukoil Looks To Sell Italian Refinery As Crimea Sanctions Intensify
  • 6 days Kurdistan’s Biggest Source Of Oil Funds
  • 6 days Oil Prices On Track For Largest Q3 Gain Since 2004
  • 6 days Reliance Plans To Boost Capacity Of World’s Biggest Oil Refinery
  • 6 days Saudi Aramco May Unveil Financials In Early 2018
  • 6 days Has The EIA Been Overestimating Oil Production?
  • 6 days Taiwan Cuts Off Fossil Fuels To North Korea
  • 6 days Clash In Oil-Rich South Sudan Region Kills At Least 25
  • 6 days Lebanon Passes Oil Taxation Law Ahead Of First Licensing Auction
  • 7 days India’s Oil Majors To Lift Borrowing To Cover Dividends, Capex
  • 7 days Gulf Keystone Plans Further Oil Output Increase In Kurdistan
  • 7 days Venezuela’s Crisis Deepens As Hurricane Approaches
  • 7 days Tension Rises In Oil-Rich Kurdistan
  • 7 days Petrobras To Issue $2B New Bonds, Exchange Shorter-Term Debt
  • 8 days Kuwait Faces New Oil Leak Near Ras al-Zour
  • 8 days Sonatrach Aims To Reform Algiers Energy Laws
Oil Prices Plateau After OPEC Meeting

Oil Prices Plateau After OPEC Meeting

With oil markets tightening over…

Unusual Ruling Could Impact Cheap Solar Panel Imports

Unusual Ruling Could Impact Cheap Solar Panel Imports

The U.S. International Trade Commission…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Carlos Slim Looks to Invest in Saudi Arabian Petrochemical Projects

Mexico is looking for overseas investment opportunities in the Kingdom of Saudi Arabia, led by the telecommunications magnate, Carlos Slim.

Slim, with an estimated wealth of $49 billion, is the world’s richest man, and is currently on a trip to Riyadh where he is looking out for investment opportunities in the growing city.

According to a local Arabic daily paper, the Al Riyadh, Slim is ideally looking to invest in a petrochemical industrial project in Saudi Arabia.

Slim has billions to invest. The paper reported that he has entered partnerships with several Saudi private investors to try and develop a petrochemical project in the Jubail industrial region of the city, as well as other around the country.

Related article: Saudi Utility Plans to Spend $80 Billion over the Next Decade

Carlos Slim was initially attracted to the Arabic kingdom after noting its success in recent years at developing industrial cities, along with the initiatives that it offers to attract foreign investment.

The Mexican ambassador to Saudi Arabia is also in the country trying to encourage stronger investment ties between the two nations.

This move by Slim and Mexico is a good one. Saudi Arabia’s emerging economy is one of the few safe long term investments in the world, and the $600 billion in foreign reserves that the country holds means that Saudi Arabia is surprisingly resilient to changes in the price of oil, contrary to what many people believe.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News