Though it is too early to say if the fallout from the worsening global financial crisis would have an impact on Saudi Aramco's mega projects that include export-oriented refineries and integrated refining and petrochemcial projects, still Aramco's senior vice president of international refining and marketing Khalid G. Al-Buainain recently confessed that "it is realistic to say that financing these mega projects through borrowing in a tight credit market will be a challenge."
Nevertheless, Al-Buainain assured that Aramco's partners are still highly committed and anxious to see these projects move forward.
Author: Ksenia Kochneva
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Saudi Aramco Confesses Problems in Financing
A senior company official reveals the fact that project financing conditions for downstream joint ventures are getting more difficult as global credit markets tighten