Saudi Aramco plans to spend $414 bln over next decade

Saudi Aramco plans to increase its spending to $414 billion over the next ten years, including on infrastructure and drilling, Reuters reported, citing CEO Amin Nasser.

In 2016, the oil giant projected investments of $334 billion by 2025, the report said.

Under its In-Kingdom Total Value Add (IKTVA) plan, Aramco plans to double the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021.

“Saudi Aramco is expected to spend more than SAR 1 trillion over the next decade. That has not changed, and we still want to see 70 percent of those riyals being spent locally,” Nasser added.

Separately, Nassir Al Yami, general manager for procurement, told a conference in Dammam that Aramco’s spending plans include investing $134 billion on drilling and well services and $78 billion on maintaining oil output potential.

The company signed a preliminary deal with petrochemical producer Saudi Basic Industries Corp (SABIC) to build a $20 billion complex to convert crude oil to chemicals last month.

It has also set up a department for renewables to develop wind and solar projects.