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The board of Rabigh Refining and Petrochemical Company (Petro Rabigh) has approved the execution of the engineering works for its low-value fuel oil upgrade project.
The company is in the process of awarding the engineering contract to a specialised company to carry out detailed technical studies and determine the most effective methods for project implementation, the company said in a statement to the Saudi stock exchange on Wednesday.
The project aims to establish two integrated units for fuel oil upgrading and diesel treatment, along with supporting facilities, with a total processing capacity of about 64,000 barrels per day.
Petro Rabigh will release details once the engineering phase is completed and a final decision is made, the statement added.
In February 2019, Petro Rabigh awarded a 300 million Saudi riyal ($79.99 million) contract to New York Stock Exchange-listed Jacobs Engineering Group for engineering design and project management services for its fuel oil upgrade project over a period of five years.
The name of the specialist company wasn't disclosed.
The project aims to establish two integrated units for fuel oil upgrading and diesel treatment, along with supporting facilities, with a total processing capacity of about 64,000 barrels per day.
Petro Rabigh will release details once the engineering phase is completed and a final decision is made, the statement added.
Last week, Reuters reported that Saudi Aramco acquired a 22.5 percent stake in Petro Rabigh from Japan's Sumitomo Chemical for SAR2.63 billion ($701.8 million) as part of a turnaround plan for the loss-making joint venture.
In February 2019, Petro Rabigh awarded a 300 million Saudi riyal ($79.99 million) contract to New York Stock Exchange-listed Jacobs Engineering Group for engineering design and project management services for its fuel oil upgrade project over a period of five years.
(Editing by Anoop Menon)
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