Saudi Aramco, the largest oil firm in the world, and Saudi Basic Industries Corp are planning $100 billion in hydrocarbon investments to happen by 2015, according to a multilateral investment firm.
Confirmation of Aramco’s plans for $70.1 billion in oil-related spending has come through, according to Apicorp (or Arab Petroleum Investments Corp). The chief economist at Apicorp also noted that $19.8 billion will be invested in developing new crude sources and maintaining the current output levels.
Saudi Basic Industries, or Sabic, is joining with Aramco to commit $50.3 billion in outlays relating to oil, specifically for the expansion of refinement capacities and the development of petrochemical projects. Aissaoui confirmed this in a recent email message assessing the energy outlook of Saudi Arabia.
The Organization of Arab Petroleum Exporting Countries owns Apicorp.
Based on assessments by Aissaoui, projects involving natural gas will use up $31.4 billion of the overall investments in hydrocarbon set for the coming five years.
Aramco and Sabic are looking to increase the capacity for production of both LNG and gas. This goal is to supply local markets as well as export gas-based fertilizers and petrochemicals, according to the study.
Apicorp also noted that Saudi Arabia requires $20.9 billion between now and 2015 for the generation of power. This amount is in addition to the hydrocarbon investments.Andrew Reid, Staff Writer, Gulf Jobs Market News