Sumitomo joins Aramco in refinery project on Red Sea
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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
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