Saudi Aramco Eyes $129B Investment in New Projects

LONDON, May 26, 2008 (Dow Jones Newswires)

State oil company Saudi Aramco plans to invest $129 billion on new energy projects in the next five years, Reuters reported.

About $70 billion of the total would be spent by international and domestic joint ventures, and the remaining $59 billion on projects solely undertaken by Aramco, Khalid al-Falih, the company's executive vice president of operations, told Reuters in an interview in Manama, Bahrain on Sunday.

The $129 billion figure is nearly $40 billion higher than previous estimates given by Saudi official for expansion, Reuters said.

"We are updating our figures all of the time. This figure includes more projects," Falih was quoted as saying.

The new figure includes refinery projects in the U.S. and China, a second phase of the Saudi-based PetroRabigh, and a giant petrochemical plant at Ras Tanura to be built by Dow Chemical, the report said.

LONDON, May 26, 2008 (Dow Jones Newswires)