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FINANCIAL NEWS
Saudi Aramco signs $450m deal with Air Liquide
14 Sep 2010
(MENAFN) State-run oil firm Saudi Aramco said in a statement that it has signed a $450 million deal with Air Liquide Arabia to supply hydrogen to its new refinery, Reuters reported.
The supply will be for Saudi Aramco’s refinery in Yanbu Industrial City, on the west coast of the kingdom. The new incorporated Red Sea Refining Company will process 400,000 barrels of heavy crude per day when it is completed in 2014.
Under the terms of this hydrogen supply agreement, Air Liquide Arabia will invest $450 million in two global-scale hydrogen production units with total production capacity of 262 million standard cubic feet per day, the statement said.
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