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2018-11-28 12:10:00

SAUDI ARAMCO INVESTMENT $150 BLN

SAUDI ARAMCO INVESTMENT $150 BLN

REUTERS - Saudi Aramco's gas expansion strategy needs $150 billion worth of investments over the next decade as the company plans to increase output and become an exporter, its chief executive said on Tuesday.

Aramco is pushing ahead with its conventional and unconventional gas exploration and production program to feed its fast growing industries, freeing up more crude oil to export or turn into chemicals.

The state oil giant plans to boost its gas production to 23 billion standard cubic feet (scf) a day from 14 billion scf now, its CEO Amin Nasser told a chemicals industry event in Dubai.

"Our gas program... will attract investments of about $150 billion over the next decade," he said. "We also have world-class unconventional gas resources that are rapidly supplementing our large conventional resources."

A big part of this unconventional gas is rich in both liquids and ethane, which will play an important role in the growth of the Saudi's chemicals sector, he said. Aramco is a major gas player but much of the company's production is used domestically, he added.

"We are looking to shift from only satisfying our utility industry in the kingdom, which will happen especially with the increase in renewable and nuclear to be an exporter of gas and gas products."

Saudi Arabia aims to produce 10 percent of its power from renewable sources in the next five to six years to diversify its energy mix and free up more crude oil for export.

The drive by the world's top oil exporter will see the country developing 30 solar and wind projects targeting 9.5 gigawatts (GW) of renewable energy by 2023. The kingdom also plans to build 17.6 gigawatts (GW) of nuclear capacity by 2032.

"We have plans to create an integrated international gas business, which is backed by the vast conventional and unconventional domestic resources," Nasser said.

He added that Aramco now has 16 drilling rigs focusing on unconventional gas, with more than 70 wells completed this year.

Nasser also said Aramco plans to invest $100 billion over the next 10 years in chemicals globally, in addition to potential acquisitions.

Aramco aims to become a global leader in chemicals with plans to expand its refining operations and petrochemical output. The company is considering acquiring a strategic stake in Saudi Arabia's SABIC, the world's fourth-largest petrochemicals maker.

It also plans to raise its total refining capacity - inside the Saudi and abroad - to 8-10 million barrels per day (bpd) from around 5.4 million bpd now, Nasser told Reuters in an interview on Monday.

 

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Earlier: 

 W.Asia
2018, November, 26, 13:35:00

SAUDIS OIL UP TO 11 MBD

REUTERS - Saudi Arabia’s crude oil production has hit an all-time high in November of about 11.1-11.3 million barrels per day (bpd), an industry source familiar with the matter told Reuters on Monday.

 

 W.Asia
2018, November, 22, 11:20:00

SAUDIS OIL RECORD: 10.9 MBD

BLOOMBERG - Saudi Arabian oil production surged to a record near 11 million barrels a day this month after the kingdom received stronger-than-usual demand from clients preparing for a disruption in Iranian supplies, according to industry executives who track Saudi output.

 

 W.Asia
2018, November, 19, 11:05:00

SAUDIS, PAKISTAN INVESTMENT: $6 BLN

ARAB NEWS - Saudi Arabia has shown investment interest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub, Balochistan, officials have confirmed.

 

 W.Asia
2018, November, 16, 09:30:00

SAUDIS ARE ANGRY

REUTERS - “The Saudis are very angry at Trump. They don’t trust him any more and feel very strongly about a cut. They had no heads-up about the waivers,” said one senior source briefed on Saudi energy policies.

 

 W.Asia
2018, November, 14, 11:30:00

ADNOC & SAUDI ARAMCO COOPERATION

ADNOC - The Abu Dhabi National Oil Company (ADNOC) signed a framework agreement with Saudi Aramco (Aramco), to explore potential opportunities for collaboration in the natural gas and Liquefied Natural Gas (LNG) sectors.

 

 W.Asia
2018, November, 12, 12:20:00

РОССИЙСКО-САУДОВСКИЕ ПЕРСПЕКТИВЫ

МИНЭНЕРГО РОССИИ - «Российско-саудовские отношения обладают солидными перспективами в сфере энергетики. Нами рассматриваются ряд масштабных совместных проектов, которые выведут российско-саудовское сотрудничество на принципиально новый уровень», - отметил российской министр.

 

 W.Asia
2018, October, 17, 10:10:00

SAUDI - INDIA'S DOWNSTREAM

MEOG - Judaimi highlighted that the closer cooperation between Saudi Aramco and Indian energy entities is reflected in the partnership with RRPCL and ADNOC on the Ratnagiri mega-refinery and petrochemicals complex in Maharashta this year. He noted that nearly $2 billion in material-service sourcing with Indian companies to date; and the opening of the Aramco Asia India office in 2017.

 

 

Tags: SAUDI, ARAMCO, INVESTMENT, GAS, OIL