DUBAI, (Reuters) – State-owned Saudi Aramco plans to invest around $120 billion over the next 5-6 years in developing projects in the oil and petrochemicals sectors, the company’s chief executive told Arabiya TV.

The world’s top oil exporter has completed a number of refinery expansions and is now working at meeting the country’s gas demands in addition to moving downstream into production of petrochemicals.

Saudi Aramco plans to spend $60 billion on the oil sector, while the remaining investement would be for the development of petrochemcial projects and foreign investments, said Khalid al-Falih.

“Over the coming five to six years the total investment for Saudi Aramco will be around $120 billon,” he said.

“Funding investments for our other projects comes from joint ventures, loans and individual Saudi investors.”

The world’s top oil exporter, completed a huge expansion plan to boost crude output capacity last year.

Aramco concluded the expansion while world oil demand fell with the global recession, leaving the kingdom with a larger-than-expected buffer to meet any future demand increase or surprise outage in global supply.

Global oil demand was “fluctuating” and incremental demand growth would come from China, India and the Middle East, Falih said.

Saudi is the only oil producer in the world with significant spare capacity that can be quickly deployed.

The kingdom’s oil output capacity stood at 12.5 million barrels per day (bpd) Falih said.

The Gulf Arab state pumped 8.18 million bpd in January, according to a Reuters survey