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Tuesday, 09 February 2010 - 24 Safar 1431 H
FRONT PAGE Credit crunch may hit Aramco
DUBAI - Saudi Aramco expects the global credit crunch to affect joint-financing projects in transportation, distribution and refining areas, a senior company official said.
Khaled Abu Al-Aynain, Saudi Aramco Senior Vice President for Refining, Marketing and International Works, made the comment during a petroleum engineers meeting in Al-Khobar on Monday.
However, he reiterated the commitment of Aramco’s partners to see the projects through on schedule.
“In reality, financing these gigantic projects by borrowing from international credit institutions which are suffering from a shortage of funds poses a great challenge,” Abu Al-Aynain said. – Reuters
Khaled Abu Al-Aynain, Saudi Aramco Senior Vice President for Refining, Marketing and International Works, made the comment during a petroleum engineers meeting in Al-Khobar on Monday.
However, he reiterated the commitment of Aramco’s partners to see the projects through on schedule.
“In reality, financing these gigantic projects by borrowing from international credit institutions which are suffering from a shortage of funds poses a great challenge,” Abu Al-Aynain said. – Reuters
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