DJ Saudi Oil Min: More Terrorist Attacks On Oil Likely
DJ Saudi Oil Min: More Terrorist Attacks On Oil Likely
WASHINGTON (Dow Jones)--Saudi Oil Minister Ali Naimi said Tuesday terrorists would continue to target oil facilities around the world.
"They're not going to stop at Abqaiq," Naimi said, referring to an attack on Saudi Arabia's largest oil-gathering center thwarted earlier this year.
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DJ Saudi Oil Min: More Terrorist Attacks On Oil Likely -2-
Terrorists are targeting oil, a strategic product needed by the entire world, in an attempt to make it expensive and unavailable, he said.
Later, after bilateral talks with U.S. Energy Secretary Samuel Bodman, Naimi noted Saudi Arabia's past successes in combating terrorism on its own soil.
"We will continue to be vigilant in combating the threat," Naimi said. The U.S. and Saudi Arabia are committed to working together toward this end, he added.
Separately, Naimi clarified his position on alternative energy, whose rapid development in a high-oil price environment has caused some to wonder whether hydrocarbons will fall out of favor.
Alternative forms of energy are still at an embryonic stage, he said.
"We would like to see more success in the effort," Naimi said. "You are not at the stage of producibility yet."
As more countries strive to match the standard of living in countries such as the U.S., they will be increasing their energy consumption. Additions to oil production capacity alone won't be enough to offset declining output from mature fields and rising energy consumption in the developing world.
"We want something not to necessarily compete but help hydrocarbons," Naimi said.
-By Anna Raff, Dow Jones Newswires; 201-314-7337; anna.raff@dowjones.com
(END) Dow Jones Newswires
05-02-06 1206ET
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