Aramco Prepares US$60bn Spend

Saudi Arabian state-owned oil company Saudi Aramco is planning to spend US$60bn on 144 projects through to 2014, according to a Reuters report citing local media sources. Saudi Aramco announced plans in May 2008 to invest US$129bn in new energy projects to 2013, focusing the investment on expansion of its crude oil, natural gas, refining and petrochemical capacity, of which US$70bn was earmarked for international and domestic joint ventures (JVs), leaving around US$59bn for projects led solely by Aramco.

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