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Saudi Aramco's director, Amine al-Nasser, said Tuesday that Aramco's gas program would invest about $ 150 billion over the next 10 years.
"Aramco's gas production will reach 23 billion cubic feet per day, up from 14 billion today," he told the Gulf Petrochemicals and Chemicals Union (GPIC) conference, which kicked off Monday in Dubai.
Saudi Arabia has 16 drilling platforms focused on unconventional gas and more than 70 wells completed this year.
"We plan to invest $ 100 billion in chemicals worldwide over the next 10 years, in addition to potential acquisitions in the sector."
GIPCA, founded in 2006 and bringing together more than 250 Gulf companies, discusses promising opportunities for organizational development and transformation, while promoting the exchange of ideas and opinions on topics of interest. It is of great importance to the chemicals and petrochemicals sector.
In the midst of this optimism, which economists consider as inappropriate, Saudi Aramco has not implemented its most promising program over the last two years: the IPO of the oil giant and the oil company. Acquisition of a stake in SABIC, which was to support the projects of Crown Prince Mohammed bin. Salman al-Islahiyya, who has taken a prominent place in regional and international media.
In Saudi Arabia, King Salman intervened to arrest Aramco, which was perceived as an attack on the vision of 2030 and the dreams of his son, Prince Mohammed, who wanted to include the world's largest oil giant in the fund. sovereign investment. Billions) of the company, worth more than two billion dollars, to subscribe to the stock market.
The observer from the Saudi economist said clearly that these projects, increased spending and the lack of logical plans were leading to a decline in the local economy, of course. as much as the International Monetary Fund warned on August 25 that Saudi Arabia would increase its spending against high oil prices.
In the weeks following the assassination of journalist Jamal Khashoggi in his consulate in Istanbul, the Saudi authorities began to feel the negative economic effects after having passed the stage of political reactions, especially after the dismantling of the main leaders. related to the mega projects launched by Mohammed bin Salman and refraining from sponsoring. Neum ".
The Saudi fund also warned of increased spending following rising oil prices, a day after the kingdom's sovereign wealth fund was discovered borrowed $ 11 billion from international banks.
The US agency Bloomberg said late July that Saudi Arabia was looking for a plan to support its sovereign wealth fund after the failed listing of oil giant Aramco. The initial plan was to raise at least $ 100 billion through an initial public offering of a small stake (5%) in Aramco in the second half of 2018.
These measures coincide with the increase in the public debt at the end of September to reach 549.516 billion riyals (146.53 billion dollars), against 443.253 billion rials (118.2 billion dollars) at the end of 2017, according to the Saudi authorities.
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