Kingdom refining and gas partnerships, to the joint-venture expansion of the Rabigh Refinery into an integrated refining and petrochemical complex and our plans for the development of an export refinery, Saudi Aramco is partnering with world-class companies that recognize the immense potential on offer. We view cooperation as a two-way street, though, and value just as highly our refining and marketing partnerships located outside Saudi Arabia in the United States, Europe, Asia and the Pacific. We also look forward to strengthening our relationships with the Chinese and Indian petroleum sectors, and to helping them meet the rapidly expanding energy needs of their home markets. Whether it's our present partnerships or prospective deals, these are long-term, strategic investments based on the principle of mutual benefit for our companies, as well as the benefit of the consumers we serve. Partnership and cooperation will be critical in another important area: improving the environmental performance of oil. As I noted earlier, the development of cleaner burning fuels, new generations of higher efficiency, lower-emission engines, and even more environmentally responsible oil production and transportation activities are all vital in securing our energy future. The petroleum industry can take the lead in these research and development initiatives, though we should not try and go it alone. Rather, we should work cooperatively, enlisting the aid, support and expertise of technology developers, national laboratories, academic institutions and related industrial sectors, such as automobile and electric power equipment manufacturers. At Saudi Aramco, we continue to work on incremental efforts to steadily improve petroleum's environmental performance. At the same time we have identified three strategic technology areas, which I would like to highlight for the industry's attention. We believe that one day these technologies may revolutionize the way we view oil as an energy source. First of these technology areas entails desulfurization of both whole crudes and oil products. This could help refiners meet the challenge of producing ultra clean fuels from sour crudes, using groundbreaking but cost effective technologies. The second area involves economically managing the issue of greenhouse gas emissions, going beyond carbon sequestration. Potential technologies could include the use of hydrogen enrichment, nanotechnology and other ground breaking techniques. Finally, the industry needs to devise technically and economically viable ways of reforming oil to produce hydrogen, focusing on both fuel formulations and hardware. Together, these technologies-and others like them-will help meet growing demand for energy and lighten the footprint of our activities on the environment. As business leaders, we have an obligation to utilize resources wisely and to exercise our stewardship of nature responsibly. That obligation is every bit as important as our role as producers and suppliers of energy and enablers of economic development. We as an industry are committed to maintaining the balance between promoting prosperity and protecting the environment. --MOR 1414 Local Time 1114 GMT
