Tumbling oil prices won’t delay Tasnee projects, says CEO

The sharp and sustained drop in oil prices will not delay ongoing projects operated by Saudi Arabia’s National Industrialization Company, also known as Tasnee.

Mutlaq Al-Morished, chief executive of the company, pointed out that the delay is not likely, especially since the projects have already undergone feasibility studies, he said in an interview with CNBC Arabia.  

The newly appointed said he did not officially embark on his work at the company yet, and that it is it is difficult to elaborate further or decide on anything new at the current time.

He pointed out that it is normal to see slight changes with the appointment of any new chief executive of a company.

Al-Morished said he’s “open-minded” and he would think slowly about the company’s current projects before making any important decisions.

Discussing the company's investments in the stock market is something that needs time, he said.

“We need to review our securities, as well as the proportion of debts,” he said.  

Al-Morished added that he needs about three to six months to be able to comment on the company's investments in the stock market.