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Saudi Aramco to invest $80 billion in overseas acquisitions

by ChemOrbis Editorial Team -
  • 12/05/2015 (11:42)
According to media reports, Saudi Arabia’s state oil company Aramco is planning to spend around $80 billion in the next five years on overseas acquisitions and investments, especially in Asia. Including domestic spending, the company aims to invest $150 billion through 2019.

The company is mainly focused on expanding its refining and petrochemical businesses in Asian countries, especially China and South Korea, in order to improve ties with Asian markets and become the world’s largest oil and chemical producer by the end of 2020.

The company signed a $10 billion loan with 27 different financial institutions in March that could be used to fund future acquisitions.

Last year, Aramco reportedly bought a stake in South Korea’s S-Oil worth around $2 billion.
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