Al-Jadaan: Saudi investments in the East-West pipeline mitigated the repercussions of the global energy crisis
This came during a dialogue session in which the minister participated as part of the Future Investment Initiative held in Miami, USA.
The most affected sector
The minister said: “Oil is not the sector most affected by the repercussions of the ongoing war, but rather refined products, fertilizers, steel, aluminum, petrochemicals, and others, which are the sectors where we really need to ensure that the conflict is resolved quickly, and work together on this so that the global economy is not further affected.”.
He added: “What we have seen in the past few weeks is an impact that goes beyond what we saw during the COVID-19 pandemic in terms of supply chain disruption, and if this situation continues, we will see a much greater impact.”.
The minister believed that investors would focus on several factors, the first of which are certainty, flexibility, growth potential, and long-term plans.
He added: “Naturally, they will look for adjusted risks and adjusted insurance, and the countries that attract investments, including Saudi Arabia, are those that have this flexibility.”.
Finance Minister Mohammed Al-Jadaan confirmed that Saudi Arabia has invested significant amounts over the past 50 years without returns in the East-West pipeline, which it currently uses to manage global oil supplies, contributing to mitigating the impacts of the global energy crisis.
This came during a panel discussion in which the minister participated as part of the Future Investment Initiative held in Miami, USA.
The Most Affected Sector
The minister stated: “Oil is not the sector most affected by the repercussions of the ongoing war, but rather refined products, fertilizers, steel, aluminum, petrochemicals, and others, which we really need to ensure a quick resolution of the conflict in, and work together on that so that the global economy is not further impacted.”
He added: “What we have witnessed in the past few weeks is an impact that exceeds what we experienced during the COVID-19 pandemic in terms of supply chain disruptions, and if this situation continues, we will see a much greater impact.”
The minister believes that investors will focus on several factors, the first of which is certainty, flexibility, growth potential, and long-term plans.
He added: “Naturally, they will look for adjusted risks, adjusted security, and the countries that attract investments, including Saudi Arabia, are those that enjoy this flexibility.”
