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FINANCIAL NEWS
Saudi Aramco requests USD 2bn for clean fuels project
28 Feb 2016
(MENAFN) Saudi Aramco has recovered bidding for a cleaner fuels project at its oil refinery in Ras Tanura, trailing speculation that lower oil prices would force the project’s termination.
Moreover, the potential USD 2bn scheme had at least three previous rounds of bidding without a contract being awarded, which will be in May.
Aramco has been restoring its refineries to generate cleaner fuels, as part of a trend at Middle Eastern refineries to target export markets.
Additionally, the Ras Tanura project, involving a naphtha hydrotreater was to be part of a second phase of upgrades and was due to go on stream in 2016.
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