October 2, 2008
Saudi Aramco Total Refining and Petrochemical Appoints President and CEO
Saudi Aramco Total Refining and Petrochemical Company has appointed Salim Shahin as its president and CEO.
The company also previously announced that it is planning to offer Saudi nationals 25% of the company shares in an initial public offer, on the premise that the two founding partners will each retain 37.5% of the equity.
Saudi Aramco and Total company of France inked the partnership agreement necessary for the establishment of their joint venture. These agreements were regarded as a significant step for initiating the construction works of a refinery, based in Madinat al-Jubail al-Sina'iyah in the eastern province of Saudi Arabia, with a refining capacity of 400,000 barrels per day.
The refinery, scheduled to go on stream by the end of 2012, will process heavy crude oil and convert it into refined products that meet the international specifications.
Products will include diesel fuel, aircraft fuel, gasoline as well as petrochemical products such as parazelene, aromatic gasoline and propylene. Saudi Aramco and Total will share the marketing of the refinery products.