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FINANCIAL NEWS
Aramco suspends USD2b fuel plant project
03 Jan 2015
(MENAFN) According to three industrial sources, Saudi Aramco has suspended plans to build a USD2 billion clean fuels plant at its largest oil refinery in Ras Tanura, Arab News reported.
The Ras Tanura clean fuels project, including a naphtha hydrotreater, was to be part of a second phase of upgrades to Aramco’s refineries, and was originally due to go on stream in 2016.
The company also canceled one of the packages for paraxylene production after finding it was not economically feasible. “They indicated they will postpone the project by a year and rebid,” a source said.
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