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Tue 1 Mar 2011 12:30 PM

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Aramco, Sabic seen investing $100bn in oil, gas by 2015

Aramco has confirmed plans to spend $70.1bn on oil- related assets, including $19.8bn to develop new sources of crude

Aramco, Sabic seen investing $100bn in oil, gas by 2015
SAUDI ARAMCO: Aramco and Sabic will devote an additional $50.3bn in oil-related outlays to expand refining capacity and develop petrochemical projects (Getty Images)

Saudi Aramco, the world’s
largest oil company, and petrochemical maker Saudi Basic Industries
Corp plan to invest about $100bn in hydrocarbon projects by the
end of 2015, a multilateral investment agency said.

Aramco has
confirmed plans to spend $70.1bn on oil- related assets,
including $19.8bn to develop new sources of crude and keep output
at current levels, said the chief economist at the Arab Petroleum
Investments Corp, known as Apicorp.

Aramco and
Saudi Basic Industries, also known as Sabic, will devote an additional
$50.3bn in oil-related outlays to expand refining capacity and
develop petrochemical projects, Aissaoui said on Monday in an e-mailed
assessment of Saudi Arabia’s energy outlook.

Apicorp is owned by the
Organization of Arab Petroleum Exporting Countries.

Natural-gas
projects will absorb $31.4bn of total hydrocarbon investment over
the next five years, according to Aissaoui’s assessment.

Sabic and
Aramco aim to boost production capacity for gas and natural gas
liquids, to supply the local market and exports of gas-based
petrochemicals and fertilizers, the study reported.

In addition to
spending on hydrocarbons, Saudi Arabia will need $20.9bn through
2015 for power generation, according to Apicorp.

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