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Saudi Aramco to sign a final deal with Sinopec to build a new oil refinery

January 11/2012

(Arabian oil and gas) -- Saudi Aramco is set to sign a final deal with China's Sinopec Group on 14 January, to build a new 400,000 barrels per day (bpd) oil refinery in Yanbu, according to a Reuters report.

Under the initial agreement, Aramco will hold a 62.5% stake in the joint venture formed to develop the project, now rebranded as Yanbu Aramco Sinopec Refining Co (YASREF), with Sinopec owning the rest. Construction of the refinery, located on the Red Sea, is now underway.

The refinery is slated to process heavy crude from Saudi Arabia's Manifa oilfield, which is currently under development to reach an output of 900,000 bpd by 2014.

Sinopec is partnered for a mammoth natural alcohol plant with Kayan under a USD130 million contract.

Author:Marina Ivanova
Category:General News
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