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KSA to invest $80bn to boost oil output
- Saudi Arabia: Tuesday, June 17 - 2008 at 09:36
Saudi Arabia is planning to invest $80bn to increase its oil output to 12.5 million barrels per day and expand its refining capacity by 43% to six million bpd within the next few years, according to a report by the Federation of GCC Chambers of Commerce and Industry. The report predicts that the gross GCC domestic product will grow by 27.9% this year to reach $1tr with the increase in oil prices, reported Arab News.
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Jeff Florian, Senior ReporterTuesday, June 17 - 2008 at 09:36 UAE local time (GMT+4)
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