Saudi Arabia’s main oil producer has announced its plans to re-tender major oil projects to take benefits of cheaper construction costs and lower commodity prices following the global financial crisis.

Saudi Aramco’s Projects Management Director Majid Al Mukla, said:

Saudi Aramco is considering more flexible and innovative strategies to lessen financial risks in managing these projects… these strategies could include new contracts that are more suitable for the new market conditions and financing terms, and less vulnerable to price fluctuations.

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