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The CEO of Saudi Aramco has told a local television station that the world’s largest hydrocarbons company plans to invest a massive US$120 billion developing its oil, gas, refining and petrochemicals sectors.
Speaking on Arabiya TV, Khalid al-Falih said that the company has been recently focusing on oil, gas and refining, it is also planning a massive expansion of its petrochemicals operations.
“Over the coming five to six years the total investment for Saudi Aramco will be around $120 billion,” Al-Falih is reported as saying.
“Funding investments for our other projects comes from joint ventures, loans and individual Saudi investors,” he added.
Al-Falih also said that $60 billion would be spent on the oil and gas sector while the remaining $60 billion would be spent on petrochemicals and overseas projects.
