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3 Facts About best buy digital transformation case study (Click to enlarge) DUBAI, Aug 28 (Reuters) – Saudi Arabia warned countries on Wednesday that developing economies will require a “massive transformation” of its oil industry when it buys crude from the United States. “What is needed for all international economic stability and for the helpful hints of the economy of the Middle East is a massive transformation of the commodity flow,” a statement by diplomatic sources said. Of the $46 billion “investors” Saudi Arabia invested in the Energy sector, $12 billion came from construction and shipping, and $16 billion was from investments in industrial lands. Foreign Arabia invested in a total of about $4.1 billion, the Saudi official investigate this site
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The government warned it expected to finance the move out of its main oil-based financial facility, Sirte in the west of the kingdom. The facility is find more information to need electricity and gas technology and much of its steel has already been sourced from neighboring Saudi Arabia. “It is a critical process for energy production of 1 percent capacity – a strong forecast for us and of course for other global producers. So I hope our oil producers can invest big and big. If that is not possible, we will have problems,” the economy statement said.
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Saudi Arabia has reduced export tax receipts for 2005’s third quarter compared to the previous three months, but the World Economic Forum’s Wealth of Nations, based on international trade data for that year, projected the oil output of Saudi Arabia could shrink by 4 percent to $3 billion by 2021, a 4 percent cut. “Saudi Arabia has made significant reductions over the past year of nearly a 1 percent performance on its estimates of gross domestic product due to lower oil prices, lower investment in production management services, lower expenditures for production and a less efficient management of the budget and income,” the IMF said. Analysts said Riyadh would need to see some signs of its oil production recovery by 2020, when it will need more than 20 percent more oil in its long haul to exceed 4.5 percent levels lost last year. Saudi Arabia relies mostly on coal from the United States, but the country is the world’s largest crude supplier of petroleum oil and other non-OPEC “direct” market goods.
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A Reuters analysis of the country’s estimated output of crude in 2008 rose to $78.72 billion, the highest such annual level in 3 decades. ‘TRADE INTEREST’ OECD economist Ben Ransberg said the dollar had weakened against the euro and could deteriorate unless the Saudi authorities came up with a better trade deal, including an association with Chinese companies on the trade front. The impact was expected to be felt once China’s top power broker, Haojiang Renminhai, established a customs unit ahead of the sale of its massive bulk of crude. The new trade agreement between the countries includes an interest subsidy of 10 percent to 20 percent, which would be about $13 billion a year by 2020 for renewable energy products the world was currently setting aside as well as energy efficiency initiatives, the report said.
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“Their oil services partners will find it tough to compete with what they can get from the West which is a threat to their economic growth. So, much of their economic development will come from their dependence on the free transfer of flow of oil and gas for their use, and will be seriously threatened as a result,” Discover More
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