Saudi Aramco CEO reveals $120bn spending plans

Saudi Aramco CEO, Khalid al-Falih.

Other stories: Top 10 Middle East oil & gas events in 2010 | World's 10 largest oilfield technology companies | World's 10 largest petrochemicals companies | Oil industry giants: ADNOC | Oil industry giants: Saudi Aramco | Top 10 MENA Region mega projects | Top 10 billion dollar oil deals of the summer | 2009's winners and losers in the oil industry | 10 events in oil's history that shook the world | Top 10 Gulf mega projects | Top 10 largest publicly traded oil companies | World's 10 largest oilfield services companies | World's 10 largest oil and gas contractors

The CEO of Saudi Aramco has told a local television station that the world’s largest hydrocarbons company plans to invest a massive US$120 billion developing its oil, gas, refining and petrochemicals sectors.

Speaking on Arabiya TV, Khalid al-Falih said that the company has been recently focusing on oil, gas and refining, it is also planning a massive expansion of its petrochemicals operations.

"Over the coming five to six years the total investment for Saudi Aramco will be around $120 billion," Al-Falih is reported as saying.

Story continues below

Advertisement

FEATURED COMMENT v r suppliers of aramco approved valves and wud like to be in business with your company.   1 Comments Read more comments »

"Funding investments for our other projects comes from joint ventures, loans and individual Saudi investors," he added.

Al-Falih also said that $60 billion would be spent on the oil and gas sector while the remaining $60 billion would be spent on petrochemicals and overseas projects.