Saudi Aramco Says Looking At New Ventures Around Globe

Reuters

DHAHRAN, Saudi Arabia, May 10 (Reuters) - State oil company Saudi Aramco wants to expand globally and is looking at potential joint ventures in several countries, including Indonesia, India, the United States, Vietnam and China, chief executive Amin Nasser said on Tuesday.

"We are looking at the current market status that, even though challenging, is an excellent opportunity for growth," he told reporters during a rare media visit to company facilities in Dhahran.

The company is continuing to build its oil production and refining capacity, and its Shaybah oilfield is expected to reach output capacity of 1 million barrels per day "in a couple of weeks", Nasser added.

Aramco has been working to boost Shaybah's capacity by 250,000 bpd to rebalance its crude oil quality and help compensate for the maturing of other fields.

(Reporting by Rania El Gamal; Writing by Andrew Torchia)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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Craig Castille | May. 12, 2016
Its only business. Right? The Saudis push for market share drives down oil prices and causes many companies in the US and abroad fight for survival, lay off a highly qualified work force, stack rigs and shut down manufacturing or consolidate. Reserves are written off due to failed economics dictated by the SEC. Companies write down their value, capital dries up and share holders are standing in line behind banks and bond holders. Oh what a nice place for the Saudis to shop for value. Pick up proved reserves abroad at 10 cents on the dollar over the next year and then they can reduce the Kingdoms output and reap the benefits from those cheap assets purchased abroad while the shareholders who took the risk get the shaft. The lack of a sane energy policy that protects US citizens and our country from birds of prey (vultures) is astounding. Can you imagine the tax losses that will hit corporate returns this year and how that will affect our federal budget along with losses in federal revenue from royalties due to crude price declines?


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