Saudi Aramco is delaying some projects to focus on higher priority initiatives as it emphasizes cost controls and budget tightening to deal with an expected long period of lower prices, the state oil company’s magazine the Arabian Sun said on 30 December. Since late 2014, the company has slowed or cancelled various projects, sought discounts on existing contracts, and recently asked oil service companies to extend discounts into this year. Chief Executive Amin Nasser said that Aramco would emphasize long-term growth strategies such as expansion in refining and chemicals and meeting Saudi Arabia’s growing energy demand.
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