Saudi minister says oil firm acquisitions show that hydrocarbons ‘here to stay’
- Date: 24-Oct-2023
- Source: Zawya
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi minister says oil firm acquisitions show that hydrocarbons ‘here to stay’
RIYADH - Saudi Energy Minister Prince Abdulaziz bin Salman said on Tuesday that acquisitions by major oil firms such as Chevron's $53 billion all-stock deal to buy Hess showed that hydrocarbons were here to stay.
"Exxon, Chevron didn't buy because they want to have stranded assets," he said at Riyadh's flagship FII annual investment conference, also referring to Exxon Mobil's $59.5 billion all-stock deal for Pioneer Natural Resources.
(Reporting by Maha El Dahan; Writing by Yousef Saba and Nadine Awadalla; Editing by Kevin Liffey)
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