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| Saudi Arabia to spend $400 bn on oil and gas projects |
| Press Trust Of India / Dubai Dec 27, 2009, 00:36 IST |
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Saudi Arabia, the world’s biggest oil producer and exporter, is poised to spend up to $400 billion to develop its own oil and gas projects in few years to meet the growing global demand.
The Saudi government’s investments in the hydrocarbon sector are in line with its Master Gas Strategy Plan, which aims to harness the kingdom’s expansive gas reserves estimated to reach up to 230 trillion cubic feet, officials of Saudi Oil and Gas 2010, a business-to-business exhibition, said.
Despite the uncertainty over the pace of recovery in the world economy next year and a United Nations drive to reduce carbon emissions, industry experts say the demand for oil and gas will rise in coming years.
Saudi Arabia is the largest producer of the Organisation of the Petroleum Exporting Countries (OPEC). Its production policies therefore have an impact on international prices.
The four-day Saudi Oil and Gas 2010 trade conference from January 17 is aimed at providing a gateway to various projects in Saudi Arabia.
Fadi Keyrouz, Event Manager of Saudi Oil & Gas at Riyadh Exhibitions Company, said leading figures from the world of oil and gas, particularly key investors from various related industries, would be flocking to the exhibition to “look for lucrative investment deals, including ambitious joint-venture projects.”
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