Khalid Al-Falih, chief executive of Saudi Aramco, said his company will go ahead with its plans to expand and integrate its refining and chemicals businesses even amid the decline in oil prices, Bloomberg reported.
Al-Falih added that Aramco targets producing petrochemicals from 10% of all crude processed at its refineries.
Oil producers in the Persian Gulf are able to withstand a period of low crude prices because countries in the region are fiscally strong, the top official said.
Brent crude has tumbled 30% this year, according to Bloomberg.