Deals
Saudis Unbowed by Oil Crash With No Spending Cut Before IPO
- State-Run Aramco Not Cutting Investment in Oil, Gas Projects
- Aramco Chief Sees IPO as Sign of Confidence in Saudi Business
Oil Drops As Saudis Plan to Maintain Spending
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The world’s biggest oil producer is spending as much now as it did before the crash in crude prices, signaling no surrender in Saudi Arabia’s battle with rivals.
Saudi Arabian Oil Co. is maintaining investment in oil and natural gas projects and has formulated a new strategy in response to cheaper crude as it studies options to sell shares in its parent company and downstream refining and chemical operations, Chairman Khalid Al-Falih said at a conference in Riyadh. The state-run producer, known as Saudi Aramco, can sustain low oil prices for “a long, long time,” he told reporters.