Saudis Take First Steps in Oil Industry Shake-Up
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RIYADH, Saudi Arabia — Saudi Arabia has taken the first steps in a long awaited shake-up of its oil industry designed to bolster sales in a sagging world market.
Oil industry sources said the world’s biggest oil exporter is starting to restructure domestic operations and is seeking an overseas outlet for its crude oil in an attempt to follow a successful strategy pioneered by its neighbor Kuwait.
As a first move, three lubricants plants in Saudi Arabia, now majority or wholly owned by the state Petromin oil company, will be merged into one organization to oversee the sector.
The changes are likely to set a precedent for future reforms in Petromin.
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