Petroleum Minister Of Saudi Arabia: They Will Reckon And Cooperate With New Russian Company Yukossibneft

The world market will "have to reckon and cooperate" with the new Russian company YukosSibneft, Minister of Petroleum and Mineral Resources of Saudi Arabia Ali Ibrahim al-Naimi stated in Vienna. The establishment of this company through the merger of two large Russian oil companies YUKOS and Sibneft was announced on Tuesday.

The Saudi Minister called this "a good news" for the entire world of petroleum. "A new global player, whom all will have to reckon and cooperate with, has emerged on the world energy market", the Minister said in a conversation with journalists.

In his opinion, the merger of these two companies will lead to an increase of foreign investments in the Russian economy and to the improvement of Russia's image on the world commodity and stock Exchanges.