Saudi slashes spending on five year energy plan

Saudi Arabia

The report failed to say where it had gained the information on the delays but added that state-run Saudi Aramco was planning to also slash spending on the so-called Maintain Potential programme.

Investment in the project, which includes the 1.2 million-barrel-a-day Safaniyah field, will be halved to around $500m this year and %400m in 2010, MEES said, according to a report on Bloomberg.

Investment in the program will be cut by half to about $500 million this year and $400 million next year, according to MEES.

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