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FINANCIAL NEWS
Saudi Aramco to spend USD334b by 2025
27 Sep 2016
(MENAFN) Saudi Arabia’s oil giant Aramco aims to invest almost USD334bn by 2025, involving spending on infrastructure and projects to maintain oil capacity.Accordingly, the firm predicts to spend almost USD334b, which will be spent on material and services to support service facilities and infrastructure projects.Aramco emphasized a plan known as In-Kingdom Total Value Add (IKTVA) in 2015, when the CEO of the firm would spend more than USD300b over the next 10 years.The kingdom proclaimed its Vision 2030 plan, aimed at finishing the kingdom’s reliance on oil, involving a proposed conversion of Aramco into an energy holding firm.
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