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FINANCIAL NEWS
Saudi Aramco awards contracts for Yanbu projects
29 Jul 2010
(MENAFN) Saudi Aramco has signed contracts with international firms to build a multi-billion dollar refinery at Yanbu on Red Sea coast, Reuters reported.
The 400,000 barrels per day (bpd) refinery accounts for just under a quarter of Saudi?s plans to add 1.7 million barrels per day of refining capacity.
It was to have been built by US oil firm ConocoPhillips and Aramco in Yanbu Industrial City, but Conoco pulled out of the plans in April.
Under the deals, South Korean firms Daelim and SK Engineering & Construction Company were awarded contracts to build three of the main processing units.
Other winners included Spain?s Tecnicas Reunidas, Dayim Punj Lloyd (Saudi Arabia), a unit of Punj Lloyd, and Egypt?s Engineering for the Petroleum and Process Industries (ENPPI), a Saudi Aramco statement said.
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