When asked whether foreign oil companies could take a 100 per cent stake in the gas projects under the kingdom's energy opening, Mr Naimi replied "Why not? the whole idea is to get as much foreign investment as possible."Mr Naimi said Riyadh expected memorandum of understandings (MoU's) for the three core projects on offer, under the kingdom's gas initiative opening to be signed by April 1. "That is the intention," the minister said.

He said final deals were expected to be signed by the end of this year.Mr Naimi said the leaders of the three consortiums for the three core projects had yet to be selected. "That process is going to be very competitive," Mr Naimi said.

The minister said 100 per cent foreign ownership could extend to the three core gas projects, but did not name which ones.

The kingdom last summer short-listed a dozen international firms for investment in its upstream gas sector - off limits to them since Saudi Arabia nationalised its energy sector in the 1970s.

The short-listed firms are super-majors Exxon Mobil, RoyalDutch/Shell and BP and TotalFinaElf, Phillips, Chevron, Texaco, Conoco, Enron/Oxy, Eni and Marathon.

Seven companies have been grouped under the biggest gas package, Haradh development, while the two remaining projects - Kidan/Shaybah development and Red Sea area development - each have a quartet of companies attached, industry sources said.

Several companies are slated for involvement in more than one gas project.