Saudi Aramco to Invest $200 Billion in Refining, Exploration
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Saudi Arabian Oil Co. plans to build refineries in China and Indonesia as part of a $200 billion spending program to double refining capacity and explore for oil and natural gas during the next decade.
Saudi Aramco, as the state-run company is known, is preparing for talks about “final terms” for a Chinese refinery and is still waiting for “good terms to be put on the table” for a processing plant in Indonesia, Chief Executive Officer Khalid al-Falih said in an interview. Aramco will probably decide soon whether to invest in expanding a plant it operates with Japan’s Sumitomo Chemical Co., he said on Jan. 14.