|
Saudis set to sign $6 billion refinery deal
|
SPECIAL TO WORLD TRIBUNE.COM
Wednesday, May 3, 2006
ABU DHABI — Saudi Arabia plans to imminently launch a project to
construct two refineries.
Saudi Aramco intends to sign contracts with Total and ConocoPhillips for
two new refineries in the kingdom, Middle East Newsline reported. Aramco said the deals would be initialed
by June.
"The company board of directors last week approved the recommendation to
engage in MoUs [memorandum of understandings] with these two companies and
now these companies will have to obtain approval from their own board,"
Saudi Armaco vice president Khalid Albu Einan said. "I think it is going to
be very soon, before the end of this month."
Albu Einan said each refinery would cost around $6 billion and be
capable of processing 400,000 barrels per day. Speaking on the sidelines of
an energy conference in the United Arab Emirates, he said Armaco planned to
spend $50 billion through 2011 to boost refining capacity.
Copyright © 2006 East West
Services, Inc.
|
