Sinopec, Aramco sign Yanbu refinery deal

17 Mar 2011

(MENAFN) Saudi Aramco stated that it inked a preliminary deal with China’s Sinopec for Red Sea Refining Company, a joint venture that would develop Yanbu refinery project at the production capacity of 400,000 barrels-per-day (bpd), reported Arab News.

Aramco stated that by the preliminary deal, the Saudi company would hold a 62.5 percent stake in the new venture located on the Red Sea coast.

Aramco also said that the country plans for an addition of 1.7 million bpd of refining capacity to the current 2.1 million bpd. The company added that Yanbu would produce over 20 percent of the planned addition.

It is worth noting that the original plan was for the refiner to be constructed by ConocoPhillips and Aramco. But Conoco withdrew from the project back in 2010.

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