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State-owned Saudi Aramco announced May 27 that it plans to spend some $129 billion from 2009 to 2014 on enhancing the kingdom’s oil and gas infrastructure. Saudi Aramco Executive Vice President for Operations Khalid al-Falih said the bulk of this investment will go toward making the kingdom into one of the world’s top five refiners and a major petrochemical producer. Of the $129 billion, $70 billion has been allocated for domestic and international refining and petrochemical joint ventures while another $59 billion is earmarked for the firm’s own projects in both downstream and upstream arenas.

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