Thursday, June 05, 2003

Saudi Arabia today cancelled a proposed $15 billion natural gas project led by Exxon Mobil after oil companies turned down its final terms, in a major break between Saudi rulers and the U.S. oil industry, industry analysts said.

Another $10 billion in Saudi gas projects headed by ExxonMobil Corp. and Royal Dutch/Shell Group are also likely to be scrapped, industry analysts said.

Interesting. Very interesting. Needless to say, if this becomes a trend it is very, very good news.