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Page added on March 29, 2009

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Aramco to continue its long-term outlays

RIYADH: State
oil company Saudi Aramco renewed its commitment to long-term investment
plans in oil and gas during the global financial crisis, which has
dampened demand for sources of energy.

Aramco cited two projects —  a SR100 billion
($26.67 billion) integrated refinery and petrochemical project with US
Dow Chemicals and a second development phase of a petrochemicals
joint-venture with Japan’s Sumitomo Chemical. 

“Despite the
difficulty in the current global economic climate and … challenges
facing the energy sector, the kingdom will continue its long-term
investments to expand oil and gas sectors,” chief executive Khalid
Al-Falih said in a statement. 
The investments would “shore up both domestic and international energy supplies,” he said.

The global economic slowdown was an opportunity to
“formulate future investment strategies and prepare for the upcoming
phases of economic expansion,” Falih added. He made the remarks at a
conference in the Eastern province, Aramco said.

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