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  • 26-11-18

    Saudi Aramco to spend USD500b in gas, chemical projects

    (MENAFN) Saudi Aramco set out a target to allocate USD500 billon of investments into natural gas and chemicals projects.

    The ten-year plan consists of USD160 billion directed towards natural gas developments along with USD100 billion for chemicals initiatives.

    The investments are considered as part of a plan for Saudi Aramco to acquire majority stake in SABIC in a USD70 billion purchase agreement.

    The oil giant's CEO Amin Nasser stated: "we need a major acquisition for us to be in different markets quickly," noting that "it makes sense for Aramco to acquire a company of its size."

    MENAFN2611201800450000ID1097745564

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