Saudis and ConocoPhillips Press on With Refinery Deal
Saudi Arabian Oil Co., or Saudi Aramco, and ConocoPhillips approved continued funding for development of a refinery in Yanbu, Saudi Arabia, on the Red Sea.
The project will create a 400,000 barrel-per-day refinery to process Arabian heavy crude. Startup is set for 2013. Both companies will be responsible for marketing one-half of the refinery’s production.
Initial evaluation and front-end engineering and design is done. The next phase of the project includes bid solicitation and site preparation work.
ConocoPhillips and Saudi Aramco plan a joint venture company to own and operate the refinery.