Saudi Aramco CEO Khalid Al-Falih made the announcement at the ongoing Middle East Petrotech 2014, a Middle East refining and petrochemicals conference and exhibition, held in Bahrain.
Al-Falih said, "Globally, these investments will exceed $100 billion over the next decade alone and that is premised on our belief in the long term sustainability of oil demand."
"As a result of both global demographic growth and rising standards of living in the developing world, we see global demand for oil growing by a quarter over the next 25 years."
Aramco has been seeking to strengthen its presence in the petrochemicals segment, and it is currently carrying out two major projects.
The company, in a joint-venture with Dow Chemical, is constructing a $20bn Sadara petrochemical complex in Jubail, which is scheduled to commence operations in the second half of 2015.
Aramco is expanding the PetroRabigh petrochemical complex, which is jointly owned with Sumitomo Chemical.
"That will take our total chemicals participate production capacity to more than 15 million tonnes per year," Falih continued.
Image: A refinery plant. Photo: courtesy of John Kasawa/Freedigitalphotos.net.