Saudi Aramco to maintain downstream investments: CEO

21/03/2016 Argaam

Saudi Arabian Oil Co. (Saudi Aramco) will continue to invest in upstream and downstream sectors as a recovery in oil prices is expected by the end of this year, the company’s chief executive officer Amin Nasser was quoted by Reuters as saying.

 

Speaking during the China Development Forum in Beijing on Monday, Nasser revealed that the state-owned oil giant is planning to expand downstream investments within China, Malaysia, India, Vietnam and Indonesia.

 

“The gap between supply and demand is shrinking. It is our estimate that by the end of the year, the price will start to adjust upward,” Nasser said.

 

However, the possibility of oil prices reaching 2013 or 2014 levels by the end of this year does not look likely, he added.

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