Saudi Aramco yesterday renewed its commitment to long-term investment plans in oil and gas, it was reported today. Saudi Aramco cited two projects — a SR100 billion ($26.67 billion) integrated refinery and petrochemical project with US Dow Chemicals and a second development phase of a petrochemicals joint-venture with Japan's Sumitomo Chemical. “Despite the difficulty in the current global economic climate and ... challenges facing the energy sector, the Kingdom will continue its long-term investments to expand oil and gas sectors,” Chief Executive Khalid Al-Falih said in a statement quoted today by the Jeddah-based Arab News. The investments would “shore up both domestic and international energy supplies,” he said.
