Naimi said Friday the Kingdom's overall downstream investment drive will double its refining capacity at home and abroad by 2015. The world's top oil exporter is building two new mega refineries at home with a combined capacity of 800,000 barrels per day, Al-Naimi said in a speech delivered at Peking University. These are part of a $100 billion investment plan involving maintaining and boosting oil and gas production capacity and adding refining facilities in and out of Saudi Arabia, he said. “Having achieved our crude oil production capacity increase to 12.5m bpd in June 2009, we are expanding our gas production and processing capacity to 4.5 billion cubic feet by 2014, a 40 percent increase over the current capacity,” Naimi said. Saudi Arabia's demand for gas has been surging to feed its power and industrial sectors.
