Saudis, French to Build Refinery
Posted on: Monday, 22 May 2006, 12:01 CDT
The Saudi Arabian Oil Co., known as Saudi Aramco, will work with France's Total SA energy company to build a 400,000 barrels per day refinery in Jubail.
The proposed refinery, set to go on stream in five years, will be designed to process Arabian heavy crude and will produce high-quality refined products that meet current and future product specifications, MENA, the Middle East News Agency, reported Monday.
Both companies will form a joint venture company, with Saudi Aramco and Total holding an ownership interest of 35 percent each. Each partner will offer as much as 30 percent interest in the project to the Saudi public. Saudi Aramco will supply the project with 400,000 barrels per day of crude oil, while both Saudi Aramco and Total will share marketing.
A front-end engineering and design study is underway.
Source: United Press International
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