Saudi Aramco to continue investment

Riyadh, March 24, SPA -- Saudi Aramco yesterday renewed its
commitment to long-term investment plans in oil and gas, it was
reported today.

Saudi Aramco cited two projects — a SR100 billion ($26.67 billion)
integrated refinery and petrochemical project with US Dow Chemicals
and a second development phase of a petrochemicals joint-venture with
Japan’s Sumitomo Chemical.


“Despite the difficulty in the current global economic climate and
... challenges facing the energy sector, the Kingdom will continue
its long-term investments to expand oil and gas sectors,” Chief
Executive Khalid Al-Falih said in a statement quoted today by the
Jeddah-based Arab News.


The investments would “shore up both domestic and international
energy supplies,” he said.

--SPA