Saudi Arabia does not politicize oil policies: Deputy Crown Prince

 26 Apr 2016 - 12:31

Saudi Arabia does not politicize oil policies: Deputy Crown Prince
File photo of Saudi Arabia's Deputy Crown Prince Mohammed bin Salman.

 

Riyadh: Saudi Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, Second Deputy Prime Minister and Defense Minister said that the Kingdom does not politicize its oil policies for its political interests, it is only for the benefit of Aramco.

"We can achieve the vision if the oil price is thirty dollars or less and we think it is nearly impossible that oil loses $30 by virtue of the current demand existing in the world," Prince Mohammed bin Salman said in a press conference held Monday after the launch of the "Kingdom of Saudi Arabia's Vision 2030".

He added that no doubt the rise in oil prices will be important support for realizing this vision which is planned on the basis of achieving a price of $30 in order not to put the Kingdom in any risk of low oil prices.

Asked about Saudi's oil policy, he said that the kingdom already announced in all forums that it does not politicize its oil policies for its political interests in the kingdom. It is only for the benefit of Aramco, he added.

"Forthcoming programs will be announced and launched under the umbrella of the 'Kingdom of Saudi Arabia's Vision 2030', the first of which is the national transformation program expected to be announced by the end of the 5th month or the beginning of the 6th month."

"It will be an executive program to achieve the objectives of the vision in many sectors the most important of which is the sector of services and the needs of the citizens. They will have more details and clearer when launched," the Deputy Crown Prince said.

"The contribution of the private sector is 40%, according to what is now part of the privatization project," he said, adding "there is a strong privatization that will focus on education and health".

Asked about Aramco, he said: "Firstly, we are talking about more than a trillion dollars and until now, valuation of Aramco has not finished. We are working on this thing with the banks and specialized centers. We expect that the evaluation of Aramco will be more than two trillion dollars".

He added that there are non-Aramco assets that will enter the fund and part of them will be also income for the fund with a value that may reach $ 300 billion in addition to the current value of the fund which is nearly $ 200 billion. 

"In this way, we will have a public investment fund with the size of more than a trillion, nearly $3 trillion". Freezing the production of Aramco has nothing to do with its value or entry to the fund and the decision is for the benefit of Aramco.

QNA