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Article: Investing in expansion: company plans $70bn programme to boost refining capacity.(SAUDI ARAMCO)(Brief article)(Statistical data)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- May 18, 2007
CopyrightCOPYRIGHT 2007 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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Sandi Aramco has continued to defy expectations. Over the past few years, it has unleashed its largest ever string of upstream and downstream investment plans in an effort to meet increasing world demand.
In the past year, Aramco has announced an $18,000 million plan to increase capacity to 12.5 million barrels-a-day (b/d) by 2009, ramping up to 15 million b/d by 2020. As part of that, it has increased its 2007 exploration and drilling budget to almost $4,000 million, nearly double the original budget.
Not content to rest on its laurels, Aramco is looking at an audacious $70,000 million investment programme involving foreign companies to boost refining ...