Saudi Arabian Government ministers have this week signed a
Over 700 miles north of
With the low price of US shale gas expected to drive down the price of oil in the coming years, Saudi Arabia is keen to diversify its economy away from the supply of raw product.
The Saudi economy has become increasingly focused on oil & gas in recent years. In 2002 the oil & gas industry accounted for 37.7% of the country's GDP, by 2012 that figure had risen to 49.7%.
The Waad-al-Shimal facility will produce phosphate products including animal feedstock, ammonia, plastics and detergents.
Recent interest in diversifying the economy have done little to displace Saudi Arabia as Opec's prime oil producer, with the country still producing at huge levels. However, the Kingdom has begun to trim its output in recent months.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- U.S. to Relinquish Gov't Control Over Internet
- Some California Cities Seeking Water Independence
- Will Missing Malaysian Jet Prompt Aviation System Change?