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FINANCIAL NEWS
Saudi Aramco, Sinopec to ink oil refinery contract
09 Jan 2012
(MENAFN) Saudi Aramco said that the firm would ink a deal with China’s Sinopec Group to construct a new oil refinery in Yanbu, reported Arab News.
The company added that its stake in the Yanbu Aramco Sinopec Refining Co. (YASREF) joint venture, which was formed to develop the project, would be 62.5 percent, whereas Sinopec would hold the rest.
It also said that the new 400,000 barrels per day (bpd) refinery was designed to process heavy crude from Saudi’s Manifa oilfield, which is currently under development to reach an output capacity of 900,000 bpd by 2014.
It is worth noting that the venture would be the first refining project for Sinopec outside China, since the refinery is located on the Red Sea.
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