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FINANCIAL NEWS
Saudi Yasref oil refinery starts exports
17 Jan 2015
(MENAFN) Yanbu Aramco Sinopec Refining Co. (Yasref), a major new joint-venture refinery in Saudi Arabia, said it shipped its first clean diesel cargo, Arab News reported.
The start-up of the refinery is expected to weigh on diesel prices as the rise in supply will far outweigh demand, which has been sluggish because of weak economic growth, traders said.
The 400,000 barrels-per-day (bpd) refinery, a joint venture between Saudi Aramco and China’s Sinopec, started trial runs in September and had originally planned its first exports by November.
Yasref is the second refinery to start up in Saudi Arabia in the past two years and will complete Saudi Aramco’s transformation into a leading exporter of diesel.
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