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Friday, June 13, 2008

Saudis to spend billions on energy project from China to U.S.

ABU DHABI — Saudi Aramco plans to invest $129 billion on new energy projects by 2013.

Saudi Aramco said $70 billion would be spent by international and domestic joint ventures, Middle East Newsline reported. Executives said the remainder would be invested on projects exclusive to Aramco.

Armaco vice president Khalid Al Falih said the investment plan includes refinery projects in China and the United States. Al Falih also cited the second phase of the Saudi-based PetroRabigh and a petrochemical plant at Ras Tanura.

Also In This Edition

"We are clearly focused on the downstream as the area of greatest potential for future growth and impact," Al Falih told a conference in Manama, Bahrain on May 26.

"Buyers and sellers [are] taking their cues not just from production numbers, demand projections and inventory levels, but from a whole host of factors which lie beyond the realm of the petroleum industry itself."

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