‘SAUDI ARABIA TO DOUBLE ITS REFINING CAPACITY AT HOME, ABROAD BY 2015’
Baku, 14 November (AZERTAC). Oil Minister of Saudi Arabia Ali bin Ibrahim Al-Naimi said his country`s overall downstream investment drive will double its refining output at home and abroad by the next six years, Reuters reported.
According to him, Saudi Arabia is constructing two new mega refineries at home, a $100 billion investment plan involving maintaining and boosting oil and gas production capacity and adding refining facilities in and out of the country.
“Having achieved our crude oil production capacity increase to 12.5 million bpd in June 2009, we are expanding our gas production and processing capacity to 4.5 billion cubic feet by 2014, a 40% increase over the current capacity,” Naimi said.
He made the remarks during a speech delivered at Peking University, which will present him with an honorary doctorate degree.
Other news in this section
