The country's "main goal is the stability of world oil markets. It is currently working on huge oil projects, including raising crude oil production capacity and doubling the capacity of oil refineries to 6m bpd within the next five years," he said. Al Nuaimi made his remarks during a meeting with visiting Dutch Foreign Minister Bernard Bot. Riyadh's objective is to "meet the world's increasing demand for oil," Al Nuaimi said. Nawaf Obaid, managing director of Saudi National Security Assessment Project, a government consultancy, told an oil conference in September the kingdom has earmarked $20 billion for the upgrade project. The programme would boost the capacity of eight refineries Riyadh owns inside and outside Saudi Arabia within the next five years, besides building new refineries locally and abroad, he said. The Saudi and Dutch ministers discussed the importance of ensuring secure oil supplies and cooperation between their two countries in oil matters, including joint investments, a Saudi news agency said. Saudi Arabia currently has a refining capacity of around 3m bpd through facilities both at home and overseas, of which around 2m bpd are produced in the kingdom. The kingdom, which pumps around 9.5m bpd and is the world's top crude exporter, plans to hike its output capacity from the current 11m bpd to 12.5m bpd in 2009. PIN/GULF DAILY