(MENAFN) Saudi Aramco announced cancelling its deep-water oil and gas exploration, drilling activities in the Red Sea and put off plans USD2 billion clean fuels plant, Arabian Business reported.
The fall in energy prices will affect investments not only in Saudi but also worldwide, and the industry is set to witness a suspension of USD1 trillion planned projects, according to a senior executive in Aramco.
"Challenges during down cycles are more complicated today than before... At this moment the global industry is poised to potentially cancel about USD1 trillion in capital funding," senior vice president at Aramco said in a statement.
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