Oil industry has made ‘a massive investment’ in the country’s infrastructure
An oil-industry source recently announced its plan to invest $10 billion in infrastructure projects in the coming year.
The Saudi Aramco oil and gas giant, which is the world’s largest publicly traded company, said it would build a refinery in Saudi Arabia and a new pipeline network to export oil from the country.
It will also expand the number of refineries it has in the kingdom, it said.
Oil-related infrastructure projects have been a priority for Saudi Arabia in recent years, as the country struggles to address a long-term economic slump caused by the devastating 2015 earthquake and subsequent oil price collapse.
In November, the kingdom’s King Salman announced a new plan to tackle a severe shortage of oil in 2020, which had prompted international condemnation.
The kingdom has struggled to address the problems, particularly in its export-dependent oil industry.
The country has struggled for years to find enough crude oil to power its booming economy, which relies heavily on exports.