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Introduction
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An offshore oil platform in the Arabian Gulf. |
More than a quarter of the world's proven oil reserves lie beneath the sands and offshore waters of Saudi Arabia. The discovery of these reserves and the building of the necessary facilities to make possible their use over the past half century have made Saudi Arabia the largest exporter of oil and natural gas liquids in the world. This has enabled the Kingdom to bring about one of the greatest physical transformations achieved by any nation in such a short time. With the introduction of the first five-year development plan in 1970, Saudi Arabia has spent approximately 900 billion U.S. dollars, generated largely through the sale of oil and its products, to establish a sophisticated infrastructure and modern educational, health and other facilities. The existence of such vast hydrocarbon deposits within its territory has bestowed on Saudi Arabia a unique role. In response, the Kingdom has adopted an energy policy based on a commitment to maintain stability in world markets.
The country has also focused on developing its other energy and mineral resources. Natural gas that was once flared off is now collected and utilized. The Kingdom has become a producer of refined oil products and petrochemicals, such as fuel, diesel oil, kerosene and gasoline. With recent discoveries of precious metals and other deposits, Saudi Arabia expects to become a major exporter of minerals in coming decades. These newly-identified resources, along with programs to diversify the country's energy sources, are being developed to build a stronger and more resilient economy
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