SAUDI ARABIA: Saudi Aramco plans major overseas expansion

"Our company is conducting intensive studies in this respect,” said Fayez Al-Sharef, project director of the company.

In a statement after attending the Petrochem Arabia 2011 Forum in Dammam, he said Indonesia and Vietnam are new markets the oil giant wants to enter as the two countries offer good investment opportunities, especially in petrochemicals.

"We are also seeking new investment opportunities in various parts of China,” the Saudi Press Agency quoted Al-Sharef as saying. Saudi Aramco already runs petrochemical projects in China.

Saudi Aramco President and CEO Khalid Al-Falih said last year that his company would invest around $120 billion over the next 5-6 years in developing projects in the oil and petrochemical sectors.

Saudi Aramco plans to spend $60 billion on the oil sector, while the remaining investment would be for the development of petrochemical projects and foreign investments, the CEO said.

Source: Daily "Arab News", Riyadh; 12 Oct 2011

(Syed Rashid Ali, Karachi, Pakistan)