Saudi Aramco hikes budget over next 10 years
The company will reportedly boost its spending to $414 billion. The new spending plan also includes further investment into drilling and well services to enhance its onshore oil and gas capacities while the company aims to maintain its production capacity at about 12 million b/d.
Similarly, Saudi Aramco reportedly established a department to develop wind and solar project amid the company’s plans to diversify its production. Also in late November, Saudi Aramco signed an agreement with Saudi SABIC to develop an oil-to-chemicals project with an investment around $25 billion.
The new 10-year spending plan also came in line with the company’s IPO plans which remain underway for 2018. The company is planning sell %5 of its shares in a public offering to raise as much as $100 billion.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Will European PP, PE markets take a break from firming trend in June?
- US PE prices move down on weak appetite from export markets
- Further price cuts in Vietnam’s PP market fail to revive demand
- Asian PS, ABS markets remain weak on rising trade tensions
- Spot styrene sharply down in Europe and Asia
- Expectations soften for PP raffia, fibre yet to follow in Turkey
- Will PE supplies from China flock to SEA?
- LDPE, LLDPE highest since Q3 2018; HDPE at 6-month high in Europe
- Intensifying trade war adds to bearishness in China’s local PP, PE markets
- PET prices hit multi-month lows in Asia and Europe