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22 December 2004 - Saudi Arabia, the world's biggest oil exporter, has approved the Kyoto protocol on climate change, the official Saudi press agency reported. The cabinet took the decision and a "royal decree has been prepared to this effect," the agency said.
Saudi Arabia says it hopes to sign the Kyoto protocol to slow climate change, but expects to lose billions of dollars in oil sales as signatory nations take steps to curb their emissions.
Saudi Arabia's Oil Minister, Ali al-Naimi, said: "By the year 2010, Saudi Arabia will lose at least $19 billion a year as a result of the policies the industrialized nations will adopt to reduce their greenhouse gas emissions,"
The United States and Australia are the only two main industrialized nations not to have signed the treaty, which seeks to control the greenhouse gas emissions responsible for global warming. The protocol is due to come into force in February, although as a developing country, Saudi Arabia would not be subject to emissions cuts under Kyoto, a requirement that only 30 industrialized nations will have to adhere to.
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