LOS ANGELES, May 24 � Saudi Aramco signed an agreement May 23 with ConocoPhillips to jointly construct a 400,000 b/d export refinery at Yanbu with a start-up date of 2011, its second such agreement in less than a week.
The companies agreed to form a joint venture to implement the project, valued at around $6 billion. Each will hold a 35% interest. The rest will be offered for public subscription by Saudi nationals.
The full-conversion refinery will be designed to process Arabian heavy crude supplied by Aramco. The partners will share the marketing of products.
On May 21, Aramco officials signed a memorandum of understanding with Total SA for a 400,000 b/d export refinery in Jubail (Oil & Gas Journal Online, May 22).
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