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FINANCIAL NEWS
Aramco’s refinery to commence output in 2014
29 Dec 2010
(MENAFN) Fahad Al Helal, newly appointed President and Chief Executive Officer at Saudi Aramco; the world’s largest state-owned oil company, announced that its planned refinery in the industrial city of Yanbu will start production in 2014, Bloomberg reported.
Al Helal explained that the start was delayed from 2013 after ConocoPhillips withdrew itself from the project to reduce its presence in the crude-processing business. As a result, Saudi Aramco in July formed the subsidiary; Red Sea Refining Co., to run the plant and in the same month gave final approval to start construction.
The mentioned Yanbu refinery will process 400,000 barrels of heavy crude a day to produce diesel and gasoline with byproducts of sulfur and petroleum coke, said the CEO.
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