ABU DHABI Ñ Saudi Arabia plans to invest nearly $10 billion to
construct an oil refinery.
Officials said Saudi Aramco and France's Total have agreed to construct
an oil refinery in Jbail by 2014.
They said the two companies have
established a joint venture, which selected France's Technip and Spain's
Tecnicas Reunidas as leading subcontractors.
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"The target has been achieved, whereby the overall project cost now
stands at $9.6 billion," Satorp, the joint venture, said.
Jbail was designed to process 400,000 barrels of oil per day in a
project that had been estimated at $12 billion in 2008. Officials said the
global economic decline led to a drop in prices for equipment and
construction material.
Under the contract, Tecnicas would construct crude and hydrotreating
units in an estimated $1 billion subcontract. Satorp said France's Technip
has been awarded deals for refining unit work and utilities.
