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Saudi Aramco pumping in excess of USD 100bn into refining over the next decade

19th May 2014

Saudi Aramco believes its downstream investments will exceed USD 100bn over the next 10-years as global demand for oil rises

Saudi Aramco pumping in excess of USD 100bn into refining over the next decade
"Saudi Aramco will have 8 to 10 million bpd of participate refining capacity primarily in the high demand growth markets of the Far East" - Khalid al-Falih, Saudi Aramco CEO

The comments were made by Saudi Aramco CEO, Khalid al-Falih at the Middle East Petrotech 2014 in Bahrain on Sunday.

"Globally, these investments will exceed $100 billion over the next decade alone and that is premised on our belief in the long term sustainability of oil demand," commented Falih.

"As a result of both global demographic growth and rising standards of living in the developing world we see global demand for oil growing by a quarter over the next 25 years.

"In the years to come Saudi Aramco will have 8 to 10 million bpd of participate refining capacity primarily in the high demand growth markets of the Far East and of course here at home in the Middle East that will make us one of the largest downstream players on the planet by volume," Falih said.

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