News tagged "Saudi aramco"

Saudi Aramco plans US$ 40 mn annual investment for next decade to maintain hydrocarbon capacity, production levels

Saudi Aramco plans US$ 40 mn annual investment for next decade to maintain hydrocarbon capacity, production levels

29th August 2014

As per reports in Reuters, Saudi Aramco, the world's biggest oil producer, plans to invest US$ 40 billion a year over the next decade to keep oil production capacity steady and double gas production, Chief Executive Khalid Al-Falih said. State-owned Aramco sees more capital going into offshore projects and expects rising costs across the oil sector to underpin oil prices, Al-Falih told a conference.Oil prices fell to a 14-month low of US$101.07 last week as global demand growth weakens, even as production ramp ups in several places create a glut of oil.[..]

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Essar Projects wins US$ 54 mn EPC contract for Saudi Aramco Shaybah oil field

Essar Projects wins US$ 54 mn EPC contract for Saudi Aramco Shaybah oil field

6th August 2014

Essar Projects, the construction arm of Indian energy company Essar Group, has won its first ever contract from Saudi Aramco. The US$ 54 million engineering, procurement and construction (EPC) deal will see it upgrade a crude oil stabilization unit used by Aramco at its Abqaiq plant at the Shaybah field, which is close to the Kingdom's border with the UAE. It is one of the largest oil fields in the world. The work will involve the design and build of a crude tank, replacement of existing pumps, piping and electrical and instrumentation equipment.[..]

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