Conoco On Track to Work in Saudi Arabia.Business Editors JEDDAH, Saudi Arabia--(BUSINESS WIRE)--June 3, 2001 Archie W. Dunham, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Conoco (NYSE NYSE See: New York Stock Exchange :COCA) (NYSE:COCB) signed a Preparatory Agreement with the Kingdom of Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. for Conoco to take part in Core Venture 3, which is one of the three component parts of the Kingdom's Natural Gas Initiative. "Conoco is privileged to be one of only a few international energy companies to be asked to take part in this groundbreaking step in the Kingdom's initiatives to meet the world's increasing energy needs," Dunham said. "Our participation is another step in Conoco's strategic plans to expand in the Middle East. Coupled with our longtime operation of the Dubai Petroleum Company and our recent natural gas project under way in Syria, the company's work in Saudi Arabia strengthens our Middle East position and gives us another venue in which to demonstrate the value we can bring to global partnerships." The other companies involved in the Core Venture 3 are Royal Dutch Shell Royal Dutch Shell plc is a multinational oil company of British and Dutch origins. It is one of the largest private sector energy corporations in the world, and one of the six "supermajors" (vertically integrated private sector oil exploration, natural gas, and petroleum product and TotalFinaElf. Core Venture 3 involves a natural gas development that spans the entire gas value chain from wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. to market. It includes exploration in the Rub Al-Khali Noun 1. Rub al-Khali - a desert in southern Saudi Arabia Ar Rimsal, Dahna, Great Sandy Desert Kingdom of Saudi Arabia, Saudi Arabia - an absolute monarchy occupying most of the Arabian Peninsula in southwest Asia; vast oil reserves dominate the economy region - a relatively under explored area, production, gas gathering, processing, transmission and sales. It also includes the participation in world-class petrochemical and power/desalination plants. "Conoco is confident that by working closely with The Kingdom of Saudi Arabia, we can achieve the bold vision that has been set for the Natural Gas Initiative," Dunham added. Conoco and The Kingdom of Saudi Arabia will now enter detailed negotiations in anticipation of a final agreement being reached. Conoco is a major, integrated energy company based in Houston and active in more than 40 countries. |
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