Saudi Arabia to invest $35 billion in oil projects

Oil&Gas Materials 17 October 2012 14:58 (UTC +04:00)

Azerbaijan, Baku, Oct.17/ Trend A.Taghiyeva /

Saudi State Oil Company Aramco is going to implement a project worth $35 billion to increase oil production in the country, the Al Quds Al Arabi newspaper quotes Aramco CEO Khalid Al-Falih, as saying on Wednesday.

The project implementation which will take five years, will include the exploration and development of new oil fields.

According to Al-Falih, thanks to this project, oil production in Saudi Arabia will almost double.

In August, Saudi Arabia exported eight million barrels of oil. Riyadh has repeatedly stated that it is ready to fill any oil shortage in the world market which may arise in connection with the EU and U.S. sanctions against Iran's oil sector.