Industry sources say the ministry has invited around 50 IOCs to attend the presentation, which will be held in London. Among the companies understood to be invited are the consortium members of the original gas initiative - Shell, US firms ExxonMobil Corporation, ConocoPhilips, Marathon Oil Companyand Occidental Oil Company, France's Totaland the UK's BP. Other players invited by the ministry are understood to include Statoiland Norsk Hydro, both of Norway, Spain's Repsol YPF, Italy's Eni and Brazilian, Venezuelan, Chinese and Russian companies.

Uncertainty is still surrounding CV 3. Saudi government officials in late June met Shell's number two executive Jeroen van der Veer, president of Royal Dutch Petroleumand vice-chairman of the committee of managing directors of the Royal Dutch/Shell Group, for negotiations in Riyadh. 'Talks were not negative and there is still optimism,' says a source familiar with the negotiations. A final decision on whether CV 3 will go ahead - and if so, in what form - is expected by the end of the first week of July.

Midstream and downstream elements of the original scheme will be handled separately. The recently formed Water & Electricity Ministry is already pressing ahead with four independent water and power projects (IWPPs), while Saudi Aramcoand Saudi Basic Industries Corporation (Sabic) could take on major roles in midstream and petrochemicals projects.