Though the production of crude oil and natural gas in Saudi Arabia is strictly a function of its state-owned oil company, the kingdom has liberally sprinkled its downstream enterprises at home and abroad with private participation. This is part of a strategy of global integration that has already given Saudi Arabia's state company a major position in U.S. refining and a toehold in Korea. It is also eyeing Europe and seeking a major venture with Japanese refining interests. The countries on

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