By OGJ editors
HOUSTON, Oct. 10 -- Saudi Aramco Total Refining & Petrochemical Co. has appointed Salem H. Shaheen as president and chief executive officer.
The company also previously announced that it is planning to offer Saudi nationals 25% of the company shares in an initial public offering on the premise that the two founding partners will each retain 37.5% of the equity.
Aramco and Total signed the JV partnership agreement June 22.
These agreements were regarded as a significant step for initiating the construction works of a world-class refinery, based in Madinat al-Jubail al-Sina'iyah (Jubail Industrial City) in the Eastern Province of Saudi Arabia, with a refining capacity of 400,000 b/d.
The refinery, slated to come on stream by yearend 2012, will process heavy oil. Aramco and Total will share the marketing of the refinery products.