Iraqi News Official: Saudi Arabia is investing $ 120 billion energy projects

[TerrK]

01 February 2010, last updated 18:21 (GMT +0400)

Official: Saudi Arabia is investing $ 120 billion energy projects

One of the oil refineries in Saudi Arabia

(CNN) --

Dubai, United Arab Emirates (CNN) - Khaled Al-Faleh CEO "Aramco" Saudi Arabia the government-owned company plans to invest about $ 120 billion in five to six years in the future projects of oil and petrochemical sectors.

Was quoted by local media, Saudi Arabia on Monday, al-Faleh on saying that "Saudi Aramco plans to spend $ 60 billion on the oil sector while the rest will amount to develop projects in the petrochemical sector and foreign investment."

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He added: "The second part of the capital investment is the investment projects in the refining industry, petrochemicals, most of these are partnerships and using a bank loan and even to enter the Saudi investors."

And Saudi Arabia ended, the largest oil exporter in the world, a huge expansion plan last year to boost production of crude oil.

Faleh said that "global demand for oil wobbling, and the gradual growth in demand will come from China, India and the Middle East."

Faleh was confirmed a few days ago, speaking at Davos, that "there was still plenty of oil in the ground, and that the world should be ostracized by his concerns about the oil wealth," as quoted by the "economic" Saudi Arabia.

Faleh said that Saudi Arabia has a long list of projects in its portfolio, which will compensate, but will on dips.

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