Saudi Aramco: No projects cancelled amid oil slump

Saudi Aramco's CEO said the state-owned oil giant is continuing to work on all projects amid the oil slump

Saudi Aramco is continuing to work on both its upstream and downstream projects without cancellations. [Representational Image]
Saudi Aramco is continuing to work on both its upstream and downstream projects without cancellations. [Representational Image]

Saudi Aramco is continuing to work on both its upstream and downstream projects without any cancellations, the oil giant's chief executive has revealed.

Amin Nasser, chief executive, Saudi Aramco, said: "Unitl now, our projects are continuing in downstream, upstream, there are no projects that have been cancelled from our programmes."

Asked if there will be any delay in exploration activities, Nasser said: "Exploration activities are continuing. We have one right in the Red Sea in the shallow water."

He added that work on the clean fuels project in Ras Tanura is ongoing - while the completion of the Khurais oil field expansion is expected to come online in 2018, Reuters reported.

Last month, sources told Reuters that Aramco had revived bidding for the cleaner fuels project at its biggest oil refinery following speculation that lower oil prices would force the project's cancellation. 

Global oil majors and Saudi Arabia have been cutting back investments to cope with the continuing lower oil price environment. 

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