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FINANCIAL NEWS
Saudi Aramco to expand intl petrochemical projects
12 Oct 2011
(MENAFN) Saudi Aramco’s project director, Fayez Al-Sharef, said that as the company planned to expand overseas investments, Aramco would launch petrochemical operations in Asia, reported Arab News.
Al-Sharef added that amongst markets the company wanted to enter were Indonesia and Vietnam since these countries had attractive investment environment mainly in the petrochemical sector.
He also said that Aramco inked a memorandum of understanding (MOU) in
March in order to supply crude to a planned refinery in southwest China, where the government started to construct oil and gas pipeline that cut through Myanmar, moreover, the company planned to increase its investments in China where it already operated petrochemical projects.
It is worth noting that over the coming five to six years, Saudi Aramco will invest USD120 billion in developing oil and petrochemical projects.
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