echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Coatings News > Paints and Coatings Market > Industry | Saudi Aramco cuts spending to US$25-30 billion this year

    Industry | Saudi Aramco cuts spending to US$25-30 billion this year

    • Last Update: 2021-03-28
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com
    Saudi Aramco is reviewing its spending plans for 2021 and beyond, and has reduced its capital expenditures in 2020 to US$25-30 billion based on market conditions.
    Capital expenditures in 2019 were 32.
    8 billion U.
    S.
    dollars, and in 2018 it was 35.
    1 billion U.
    S.
    dollars.
    After the company's 2019 results were announced, President and CEO Armin Nasser spoke with analysts on the phone and said that if capital expenditures are not increased, the company may maintain its maximum production capacity of 12 million barrels per day for one year.
    The company obtained regulatory approval in February to develop the Jafurah oil field in Eastern Province in phases.
    The gas field is the largest unconventional gas field in Saudi Arabia to date, with an estimated resource of 200 trillion cubic feet.
    The first phase of production is expected to begin in early 2024.
    Saudi Aramco's average total oil and gas production in 2019 was 13.
    2 million barrels of oil equivalent per day.
    Net income for the full year of 2019 was US$88.
    2 billion, compared with US$111.
    1 billion in 2018.
    The main reason for the decline was the decline in crude oil prices and production, coupled with the decline in refining and chemical profit margins, and the $1.
    6 billion impairment associated with Sadara Chemicals.
    Saudi Aramco agreed in 2019 to acquire a public investment fund of 70% of Saudi Basic Industries Corporation (SABIC), one of the world's largest chemical companies, for US$69.
    1 billion.
    It is expected that Saudi Aramco will become one of the world's largest petrochemical producers in the first half of this year.
    In December 2019, the company completed its initial public offering (IPO) and subsequently issued the first tranche of US$12 billion in international bonds in April 2019.
    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.