Saudi Arabia Reassures Bulgaria over Oil Prices, Arab World Unrest

Energy | February 22, 2011, Tuesday // 20:23|  views

Saudi Arabia has assured Bulgaria that the unrest in the Arab world, and especially in Libya, will not affect negatively in the long run the world oil prices and supplies.

Bulgaria's Minister of Economy, Energy, and Tourism Traicho Traikov received this assurance by Saudi Arabia's Minister of Petroleum and Mineral Resources Ali Al-Naimi and Saudi Minister of Commerce and Industry Ahmed Riza, with whom Traikov met in Riyadh Tuesday within the International Energy Forum, the world's largest gathering of energy ministers.

Al-Naimi has emphasized that there is no room for panic over the situation in the Persian Gulf and the wider Arab world with respect to the global oil supplies.

He and Traikov have discussed cooperation opportunities in nuclear and solar energy – fields that Saudi Arabia is planning to develop.

Saudi commerce and industry minister Ahmed Riza has informed Traikov that Saudi Arabia wants to buy Bulgarian milk and textile products, the Economy Ministry press office announced.

In Riyadh on Tuesday, Bulgaria's Economy Minister Traikov signed the Charter of the International Energy Forum together with the representatives of 86 other states. Bulgaria's accession to the charter will completed once the Parliament in Sofia ratifies it.

The Charter defines the mission, goals, and institutions of the International Energy Forum, which is expected to become a part of the formal UN structure.

Traikov has thanked the organizers of the Forum summit in Riyadh, and has underscored that from Bulgaria's point of view as a country transiting natural gas, it is crucial to participate in the dialogue between the producers and consumers of fossil fuels.

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Tags: Traicho Traikov, Economy Minister, International Energy Forum, Charter of International Energy Forum, Saudi Arabia, Riyadh, Ali Al-Naimi, Ahmed Riza, Arab world, Persian Gulf, civil unrest, oil, oil prices, oil supplies


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