Saudi Aramco will spend US$500 billion over the next ten years to expand internationally, with a fifth of the total amount earmarked for petrochemical projects and US$160 billion for natural gas projects, chief executive Amin Nasser told Bloomberg in an interview. Nasser noted that the investment sum was separate from the US$70 billion it is planning to splash on the acquisition of a majority stake in local petrochemical major Sabic. The funding of the acquisition is yet to be determined, however. Earlier reports said Aramco would use US$20 billion from its own cash and raise the rest on international bond markets. Later, it turned out the company was unwilling to make the financial disclosures required when tapping international bond markets, so loans became the one remaining option. “We need a major acquisition for us to be in different markets quickly,” Nasser told Bloomberg referring to the Sabic acquisition. Petrochemicals […]