Saudi Aramco says downstream investments would exceed $100 billion over the next decade
CEO Khalid Al-Falih made the announcement at the ongoing Middle East Petrotech 2014, a Middle East refining and petrochemicals conference and exhibition, held in Bahrain.
“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,” Khalid al-Falih, the company’s chief executive said at a petrochemicals conference in Bahrain.
“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,” he said.
Falih said Aramco’s refining capacity would be between 8 million to 10 million barrels a day (bpd) in the coming years, a figure exceeding the goal cited by Aramco in 2012 of 8 million bpd.
“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.