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Sumitomo joins Aramco in refinery project on Red Sea

SPECIAL TO WORLD TRIBUNE.COM
Tuesday, March 21, 2006

ABU DHABI — Japan and Saudi Arabia have launched a project to build an oil refinery and petrochemical facility along the Red Sea.

The state-owned Saudi Aramco and Japan's Sumitomo Chemical announced the launch of a refinery and petrochemical complex at Rabigh on the Red Sea. The two companies, which formed a joint venture in August 2005, said they concluded the financing agreements for the multi-billion-dollar project.

Saudi Aramco owns and operates a refinery at Rabigh with the capacity to process 400,000 barrels of crude oil per day, Middle East Newsline reported. Officials said the joint venture would construct a refinery and petrochemical complex at the existing facility.

"When completed in late 2008, the Rabigh project will be one of the largest integrated refining and petrochemical projects ever to be built at one time," the two companies said.


Copyright © 2006 East West Services, Inc.

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