Saudi Aramco eyes $129 billion investment in next 5 years

peakoil.com -> rigzone.com, uk.reuters.com :

State oil giant Saudi Aramco plans to invest $129 billion on new energy projects in the next five years, the company's executive vice president of operations said on Sunday [25 May 2008]. Saudi Arabia is the world's largest oil exporter and Aramco is expanding to increase crude, gas, refining and petrochemical capacity. Total investment would be higher as it would include some of the $65 billion that Aramco is investing in projects that are already under way. "We are clearly focused on the downstream as the area of greatest potential for future growth and impact," he said earlier in a conference speech.

- This is interesting from a peakoiler's point of view, as this means that with increased local demand and these increased investments in domestic refineries and petrochemical plants, Saudi Arabia will be using more of its own crude oil and natural gas production, and consequently there will be less available for export to consumer countries. Also, read up the earlier story about the Saudi's building 4 new industrial cities, including the world's largest aluminium smelter.

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