May 22 2006 |
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Saudi Arabia joins forces with Total in Dollars 6bn deal to build oil refinery
22 May 2006
Saudi Arabia has embarked on an ambitious plan to boost its oil refining capacity by joining forces with Total, the French energy company, to build a Dollars 6bn (Euros 4.7bn Pounds 3.2bn) refinery on its Gulf coast.
The memorandum of understanding between Total and Saudi Aramco, the state-owned oil company, is the first step of a process aimed at increasing the kingdom's refining output by 60 per cent in the next five years.
Aramco is also in talks with ConocoPhillips, the US oil group, to build a large scale refinery on Saudi Arabia's west coast.
Abdallah Jum'ah, Saudi Aramco's chief executive, said yesterday his company's plans would help ease the burden. It is difficult for companies operating in the US and Europe to build new refineries because of environmental concerns
The joint venture with Total will create a 400,000 b/d facility at the industrial city of Jubail, on the east coast.
The Conoco talks are aimed at building a plant with the same capacity at Yanbu, on the Red Sea coast.
By James Boxell
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