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Saudi Aramco to further invest in oil and gas capacities

by ChemOrbis Editorial Team -
  • 25/01/2016 (15:30)
According to media reports, state-owned Saudi Aramco’s Chairman Khalid al-Falih stated that the company will not reduce its new investments in oil and gas production capacities, even though the company has already resorted to some cost-cutting measures in the face of weaker oil prices. He added that Saudi Arabia can withstand low oil prices for a long time, commenting that global oil markets would ultimately rebalance at a “moderate” price.

Previously, Saudi Arabia’s Deputy Crown Prince Mohammed Bin Salman had stated that the country was reviewing the possibility of an initial public offering of state-owned Saudi Aramco’s shares. Al-Falih noted that it is yet certain whether Saudi Aramco’s initial public offering will affect downstream operations only or also involve a percentage of the entire company, including the oil exploration and extraction division.
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