UPDATE 2-Aramco gas supplies to rise 30 pct in 5 yrs-reports

* Gas supplies to rise to 8 bln cubic feet

* To consider Islamic bonds for JV financing (Adds details and background)

RIYADH, Nov 8 (Reuters) - Saudi Aramco plans to raise its daily gas supplies by 30 percent within five years to 8 billion cubic feet, Al-Hayat newspaper quoted its Chief Executive Khalid al-Falih as saying on Sunday.

Aramco will also increase its daily supplies in ethane to 1 billion cubic feet and those of liquefied natural gas (LNG) to 850,000 barrels, Al-Hayat quoted him as saying.

"Such increases will support the creation of many petrochemical industries," he said.

Demand for gas in the kingdom for power and industry is soaring due to an economic boom fuelled by the oil price rally of 2002-2008.

As most Saudi gas is produced in association with oil output, volumes fluctuate with oil production.

Saudi oil output is at one of its lowest levels since the most recent oil boom began as the kingdom and OPEC curb output to match rapidly falling demand. This has left gas supply in the kingdom tight.

Aramco inaugurates later on Sunday the first phase of a giant petrochemical complex managed by PetroRabigh 2380.SE, a Saudi-based joint-venture with Sumitomo Chemical (4005.T: Quote, Profile, Research).