Saudi Arabia alone in expanding oil production, minister says

04/28/2009 | Bloomberg

Saudi Arabia is now the only country in the world spending money on the expansion of oil production and refining capacity, to be ready when the global economy recovers, says Ibrahim Abdel Aziz al-Assaf, the Saudi finance minister. Saudi Arabia has announced plans to spend $400 billion over the next five years, primarily for infrastructure, to stimulate its economy and create jobs.

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