Aramco Says Downturn Will Not Hit Large Projects

Saudi Arabian state-controlled oil company Saudi Aramco has said that an economic downturn will not impede its current investment plans. Khalid Buraik, executive director of affairs at Saudi Aramco, said that while no changes were planned to the oil projects that will boost total Saudi Arabian production capacity to 12.5mn barrels per day (b/d) by end-2009, Aramco was uncertain about future global oil demand and did not want to invest in additional spare capacity beyond the current target.

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