FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Khurais(Reuters) - Oil company Saudi Aramco <2222.SE> is reviewing plans to expand at home and abroad in the face of sharply lower oil prices and a heavy dividend burden, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. (https://on.wsj.com/2QPWVDD)The state-run company is also pausing investments in refineries in China, India and Pakistan, the WSJ said. In Saudi Arabia, Aramco is delaying plans by a year to boost crude production capacity to 13 million barrels a day, from currently about 12 million, the report added. The company plans to cut its capital spending to between $20 billion and $25 billion this year to pay a $75 billion dividend it pledged to investors during its initial public offering last year, the Financial Times reported last month. Aramco did not immediately respond to a Reuters request for comment.

Source: Wall Street Journal June 21, 2024 04:23 UTC