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Saudi king launches 42.6 bln USD oil projects

Xinhua, December 1, 2016 Adjust font size:

Saudi King Salman bin Abdulaziz Al Saud on Thursday launched oil projects worth 42.6 billion U.S. dollars in the country's Eastern Province, Saudi Press Agency (SPA) reported.

The projects, of Saudi Oil Company (Aramco), are expected to produce a daily 3 million barrels equivalent of crude oil and gas.

The event marked the 80th anniversary of the first shipment of crude oil of Aramco, which was launched by the founder of Saudi Arabia, Abdulaziz Al Saud, SPA said.

The king, who is on a visit to the Eastern region this week, also launched on Tuesday other industrial projects worth 92.2 billion dollars.

The projects aim to diverse the Saudi economy, which as been hard hit by the dropping oil prices in the international markets.

On Wednesday, the Saudi finance ministry said the country's total public debts stood at 91.2 billion dollars. Endit