Yamani wants to invest in U.S.

Press, Volume CXIII, Issue 33407, 13 December 1973, Page 17

Yamani wants to invest in U.S.

(New Zealand Press Association) WASHINGTON, December 12. The Saudi Arabian Oil Minister (Sheikh Ahmed Zaki Yamani) says that his country wants in the long run to invest in the United States and secure United States help in industrialising Saudi Arabia.

He told the National Press! Club yesterday that, despite' the Arab oil embargo, Saudi; Arabia “hopes to do business! with this country (the United! States). We hope what is) happening today is a passing; phase. We want to invest I here and to have your help! in industrialising Saudi. Arabia.” Just over a year ago/ Sheikh Yamani proposed that I Saudi Arabia guarantee the! United States an uninter-1 rupted flow of oil. in return! for which Saudi Arabian oil! would be admitted to the I United States duty-free and! his country would be allowed; to invest in the United States! oil industry—from transport| and refining down to the running of petrol stations. Sheikh Yamani said in a; September 29. 1972, speech to; the annua! conference of the Middle East Institute ini Washington that “we in the! Kingdom of Saudi Arabia ex-1 tend our hand to the Govern-! ment of the United States of America and call for a com-! mercial oil agreement be-/ tween the two countries;: which would give Saudi-'

lArabian oil a special place in; 'this country. j “The agreement should ex-1 empt our oil from restrictions! and duties and encourage the increasing investment of 'Saudi capital in marketing the oil. ! : “This would practically guarantee the continuous flow to these markets.” The Nixon Administration ■ was less than receptive to the idea at the time. I Mr James Akins, then the 'State Department’s Director I of Fuels and Energy, and now I Ambassador to Saudi Arabia, ! said later: “It would have been quite difficult for us to I have accepted such a proiposal. i “We have most favoured- ! nation treaties with a large number of countries, and to have given a preferred position to one country would! ( have broken a number of: !those treaties.” ; Saudi Arabia later with-1 • drew its proposal. “I should! emphasise we never rejected' lit. but we didn’t accept it, , either,” Mr Akins said in an ■interview published last Sep-! itember 30. *