The two Arab oil envoys who have been visiting the West German capital Bonn, ended three days of intensive talks on Thursday (17th January) after meeting the Foreign Minister Walter School.
GV EXT. Conference Building
SV INT. Yamani with Walter school on left and Abdessalam on right enter room
SCU Yamani with School
CU Yamani walks out ahead of School and enters room
SV Group gathered round table for talks (5 shots)
Initials AE/12.02 AE/12.10
Script is copyright Reuters Limited. All rights reserved
Background: The two Arab oil envoys who have been visiting the West German capital Bonn, ended three days of intensive talks on Thursday (17th January) after meeting the Foreign Minister Walter School.
At a press conference after the meeting, the Saudi Arabian Oil Minister Sheikh Ahmed Zaki Yamani and the Algerian Power and Industry Minister, M. Belaid Abdessalam, said the meeting had been "especially interesting and very important."
M. Abdessalam said economic conditions concerning the European Common Market (EEC) and Arab countries had been discussed during their visit. And Sheikh Yamani said there had been "a very fruitful exchange of views" on various political issues between the Arab world and the EEC. The Community's Ministerial Council is currently under the chairmanship of Herr School.
Sheikh Yamani said Saudi Arabia wanted to cooperate with all industrialised nations and planned to invest its surplus oil wealth cautiously. He said the industrialised countries could solve any balance of payments problems arising from the flow of oil money to Arab states by exporting goods to them and by helping the Arab states to industrialise. But he said that the industrialisation would not happen overnight.
In the immediate future he said "we will have to do some investment in the short and longer term here and there, and we will do it in a cautious way so as not to disturb the international monetary system and so that we do not suffer losses as we did in the past."
Devaluations of the dollar and sterling in recent years have caused losses to Arab investors in the West.
After the conference Sheikh Yamani left for Geneva while M. Abdessalam flow to Munich for a brief private stay.