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Article: Saudi Aramco assigns $80 billion for five-year expansion program.
- Article from:
- The Oil Daily
- Article date:
- November 8, 2006
- Author:
CopyrightCOPYRIGHT 2006 Energy Intelligence Group. 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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Making good use of massive oil revenues, state Saudi Aramco is pursuing an ambitious $80 billion investment program to boost its oil production capacity to 12 million barrels per day, expand gas processing facilities and increase refining capacity at home and abroad. Speaking at a conference in London, Aramco's senior vice president for industrial relations, Khaled al-Falih, said the five-year scheme is "unprecedented" in the kingdom's history and will help expand the Saudi economy as a whole.
Last year, Saudi Oil Minister Ali Naimi gave a figure of $50 billion for the kingdom's upstream and downstream projects through 2010 (OD Nov.22'05,p1).
The ...