Oil on his mind: Saudi crown prince heads to Texas

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Crown Prince Mohammed bin Salman is expected to meet with producers of crude, shale oil and petrochemicals while in Texas

Crown Prince Mohammed bin Salman’s stop in Houston on Saturday will shift his focus to Saudi Arabia's reliance on oil at a time when the kingdom looks to diversify its economy.

Houston often gets cited as the energy center of the United States, as the sprawling Texas city has thousands of refineries, petrochemical plants and natural gas fields.

It also has the largest refinery in the US - Motiva - which is owned by the kingdom’s oil company, Saudi Aramco. In addition, several giant energy companies – Shell, Exxon and others – have headquarters in Texas, and Houston in particular.

Ninety percent of the Saudi government's budget and 45 percent of its GDP come from oil exports. The crown prince told Time Magazine last week that the country plans to “produce much, much, much [more] — a lot of barrels in the future”.

While the specific reasons for bin Salman's visit to Houston remain murky and the Saudi consulate has yet to respond to MEE's inquiries, a number of experts say he will probaly talk about investing in shale – a different form of crude oil - and in petrochemicals.

“I presume that it’s to talk to industry [executives] and to promote inward investment into Saudi Arabia, as well as to talk a little bit about the kingdom and Saudi Aramco’s plans for further investment in the United States," a former Saudi Aramco executive, who wished to remain anonymous, told Middle East Eye.


Much more: http://www.middleeasteye.net/news/oil-reigns-supreme-saudis-crown-prince-heads-texas-848330573



Motiva's oil refinery outside Houston - owned by Saudi Aramco - is largest in US (AFP)