Around $24 billion will be spent over the next five years developing the Gulf’s oil refining and downstream industries, according to a Saudi executive.
“Financing the dozens of oil, gas and petrochemical projects on the table will eventually cost more than $66b,” said Saudi Aramco operations vice- president, Khalid Al Nafisee, cited by the Gulf Daily News on Thursday.
Al Nafisee is also the chairman of this year’s Petrotech 2001 conference, which is being organised by Arabian Exhibition Management.
It will open on October 29 in the Bahrain International Exhibition Center, said the paper.
The three-day event is supported by the Saudi Arabian section of the American Institute of Chemical Engineers, the Saudi Arabian International Chemical Sciences chapter of the American Chemical Society, the Saudi Arabian section of the Air and Waste Management Association and the Bahrain Society of Engineers.
Al Nafisee highlighted some of the Gulf’s major oil-related projects, noting that this year’s program would focus on many of the new developments – Albawaba.com
