A royal decree was issued by King Salman bin Abdulaziz Al Saud approving the Law on Petroleum and Petrochemical Materials, whereby current licenses remain valid and licensees must rectify their situations within two years. A rectification plan must be submitted to the Ministry of Energy within one year, with the possibility of extending the deadline to six years. The Minister of Energy is responsible for regulating petroleum and petrochemical operations, and the law includes precise definitions ...