Aramco, ConocoPhillips delay Yanbu refinery construction

11/17/2008
Saudi Arabia’s Saudi Aramco and ConocoPhillips, citing uncertainties in financial and contracting markets, have agreed to halt the bidding process for construction of their planned 400,000 b/d export refinery at Yanbu.“Although the original schedule for the Yanbu export refinery project will change, [Aramco] remains strongly committed to completing this important project with ConocoPhillips,” said Pres. and Chief Executive Officer Abdallah S. Jum’ah.“We believe that a delay at this time will allow both the contracting and financial markets to better accommodate the project and will prove to be advantageous for the project company,” Jum’ah said.The...
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