Exxon denies pulling out of mega Saudi gas deals

RIYADH - The world's largest oil company, ExxonMobil Corp, denied yesterday that it had pulled out of the Saudi gas initiative.

By (AFP)

Published: Mon 21 Apr 2003, 1:16 PM

Last updated: Wed 1 Apr 2015, 7:43 PM

"We continue to have discussions with the Saudi government on the natural gas initiative," the spokesman said. ExxonMobil chairman and chief executive officer Lee Raymond was quoted by Forbes this week as saying the Saudi project was not competitive and the company has abandoned it. "Mr Raymond's (statement) was taken out of context," added the spokesperson. ExxonMobil has secured the lead role in two out of three projects in the natural gas initiative requiring investments of up to $25 billion.

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