Saturday, Jun 23, 2012
BEIRUT (Zawya Dow Jones)--Sate-owned Saudi Arabian Oil Co., or Saudi Aramco, won't relinquish its land reservations in the country's eastern province because they contain substantial oil and gas reserves, Saudi-based Al Eqtisadiah daily reports Saturday, citing an executive.
These reserves are a national treasure that should be preserved for future generations, Khalid Al Falih, the company's chief executive said, according to the paper.
Local real estate developers had asked Aramco to release the plots of land from reservation in order to prevent soaring land prices in the eastern region, Al Eqtisadiah said. The land reservations are located in vital areas for oil production and they comprise pipelines and oil wells as well as flammable and very hazardous materials, the daily quoted Mr. Falih as saying.
Newspaper website: http://www.aleqt.com/2012/06/23/article_669157.html
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
23-06-12 0711GMT
