Riyadh – Mubasher: Saudi Arabian Oil Co, known globally as Saudi Aramco on Tuesday said it plans to raise its expenses to $414 billion over the coming ten years, including spending on infrastructure and drilling.
Spending plan had exceeded Aramco’s projection in 2016 to spend about $334 billion by 2025, as the largest international oil producer is expanding its businesses, Reuters reported the CEO, Amin Nasser as saying.
“Saudi Aramco is expected to spend more than 1 SAR trillion, over the next decade. That has not changed, and we still want to see 70% of those riyals being spent locally,” Nasser added.
“Supporting the growth of small and medium-sized enterprises (SMEs) is a main part of the IKTVA drive and Saudi Vision 2030, which would help create over 40,000 jobs and could add around SAR 30 billion to the kingdom’s annual gross domestic product (GDP),” the CEO noted.
“Saudi Aramco’s plan includes $134 billion to spend on drilling and well services and $78 billion to maintain oil output potential,” Aramco’s general manager for procurement, Nassir Al Yami said.
In November, Nasser said that Aramco plans to spend around $300 billion over the coming decade in oil and gas projects in Aramco’s upstream sector.
