SAUDI WILL INCREASE

Saudi Aramco will increase its spending on research and development in 2015, despite the falling price of oil.

Speaking at a company reception at International Petroleum (IP) Week held in London, Salah Al-Hareky of Saudi Petroleum Overseas Ltd. (SPOL), Saudi Aramco's London-based crude marketing arm, "We are going beyond reliability and responsibility, extending our focus in areas such as innovation," said Al-Hareky.

"We believe innovation is the key to making our resources more accessible, useful, sustainable and competitive."

The Saudi Aramco reception, themed 'Enabling Opportunity', underlined the commitment to remain on track to achieve long-term goals. The evening was an opportunity for Saudi Aramco to host stakeholders and give attendees a platform to discuss opportunities within the sector.

"In 2014 alone, we hired thousands of new employees and pledged to invest billions over the next decade across the value chain," said Salah Al-Hareky.

"The numbers emphasise our desire to continue pursuing the right investment opportunities, even in times of uncertainty when convention dictates consolidation rather than expansion."

arabianoilandgas.com