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Article: Expanding universe: Saudi Aramco's vice-president for new business development Khalid al-Falih gave a rare insight into the future plans of the world's largest oil exporter at MEED's investing in Saudi Arabia conference held in London in early December.(Cover Story)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- December 12, 2003
- Author:
CopyrightCOPYRIGHT 2003 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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With the fate of the Saudi gas initiative now sealed, Saudi Aramco is pressing ahead with an ambitious development strategy. Over the coming five years, the company is aiming to cement its position as the world's largest oil exporter, invest heavily in new gas, refining and power capacity, and enter the realms of petrochemical production for the first time.
The comprehensive programme will not come cheap. According to Khalid al-Falih, vice-president for new business, the oil and gas giant will spend $18,800 million on materials and services alone in the period 2003-07. While maintaining its oil capacity will take a large share of the investment funds, it is clear ...