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FINANCIAL NEWS
Saudi Aramco inks Jizan refinery contracts
16 Nov 2012
(MENAFN) Saudi Aramco CEO, Khalid Al Falih, stated that the company inked several contracts to set up a refinery in Jizan with a capacity to pump 400,000 barrels per day (bpd) of oil, reported Reuters.
The engineering, procurement, construction deals were signed with Spain’s Tecnicas Reunidas, Japan’s JGC, Hitachi Plant Technologies, South Korea’s Hanwha Engineering and Construction Corp, Hyundai Heavy Industries and Britain’s Petrofac.
According to industry sources, the value of the contracts was estimated at USD6 billion.
Al Falih said that the project, which will be the nucleus for the Jizan Economic City, will create 1000 direct and 4000 indirect jobs.
It is worth noting that the refinery will process heavy and medium crude and will provide feedstock for conversion industries and a 2,400 megawatt power plant that will feed the refinery and the Jizan economic city, in addition to cities on the western coast.
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