LONDON — Saudi Arabia plans to implement more than $40 billion worth
of energy projects.
Industry sources said the Saudi oil sector would seek to fulfill
increasing requirements from China. They said Riyad must also absorb new
technologies for oil exploration and processing.
Industry sources said Saudi plans to significantly increase crude oil
production have fueled infrastructure projects in the energy sector, Middle East Newsline reported.
They
said the projects would be financed by the windfall in oil revenues over the
last two years.
"The global petroleum industry is facing unprecedented challenges given
its responsibility to supply a worldwide market," Saudi Aramco vice
president Salim Al Aydh said. "But with those challenges come opportunities
of an equal magnitude."
