Saudi Aramco to spend $120bn on projects

Saudi Aramco plans to invest around $120bn over the next 5-6 years in developing projects in the oil and petrochemicals sectors, the company's chief executive told Arabiya TV. The company plans to spend $60bn on the oil sector, while the remaining investement would be for the development of petrochemcial projects and foreign investments, said Khalid al-Falih. 'Over the coming five to six years the total investment for Saudi Aramco will be around $120bn,' he said. 'Funding investments for our other projects comes from joint ventures, loans and individual Saudi investors.'