Aramco to Spend $60b on Projects over 5 Years

RIYADH - State oil firm Saudi Aramco plans to spend $60 billion on oil and gas projects through 2014, a newspaper reported on Wednesday, citing a contractor in business 
with Aramco.

By (Reuters)

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Published: Fri 20 Mar 2009, 12:14 AM

Last updated: Sun 5 Apr 2015, 10:42 PM

“Saudi Aramco has informed its large local contractors and agents of global firms that it had allocated a budget reaching $60 billion ... to carry out oil and gas projects of various sizes up to 2014,” Al Watan newspaper reported, citing “one of Aramco’s large contractors.” Finance Minister Ibrahim Al Assaf told Reuters in November the kingdom planned to invest $100 billion in the oil sector until 2014.

Turmoil in world credit markets and tumbling crude oil prices have prompted energy companies globally to review their more expensive projects or cut back on spending to preserve liquidity.

Aramco plans 144 projects until 2014, including eight “giant” projects, it said this month, without giving a timetable.

Last week ConocoPhillips said that the refiner would likely make an investment decision on its Yanbu joint venture refinery in Saudi Arabia.

Conoco and Aramco halted bidding on the construction of the planned 400,000 barrel per day (bpd) Yanbu refinery in November, citing uncertainties in the financial markets.

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