Saudis and ConocoPhillips Press on With Refinery Deal

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.

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