Saudi Arabian Oil Co., or Aramco, and China Petrochemical Corp. or Sinopec Group, are expected to start their joint Yanbu, Saudi Arabia-based oil refinery operations by the end of 2014, a top executive from Aramco said Thursday.
Saudi Arabian Oil Co., or Aramco, and China Petrochemical Corp. or
Sinopec Group, are expected to start their joint Yanbu, Saudi Arabia-based oil
refinery operations by the end of 2014, a top executive from Aramco said
Thursday.
The proposed commence date is slightly behind schedule, which according to
Aramco's website was slated for September 2014.
"That project is already in the process of execution and construction. Our
expectation is (to be operational) by the end of next year," Chief
Executive of Aramco Trading, Said A. Al-Hadrami, told Dow Jones on the
sidelines of a CRU conference.
Aramco and Sinopec Group signed the deal to develop the 400,000-barrel-a-day
refinery, known as Yasref, in January last year. Sinopec holds a 37.5% stake in
the project, while Saudi Aramco owns 62.5%. Sinopec Group is
Asia
's
biggest oil refiner by capacity.
U.S.
oil
major ConocoPhillips (COP) in 2011 pulled out of the Yanbu project after
deciding to cut back on refining and marketing activities.
The Aramco-Sinopec deal is part of efforts by
China
and
Saudi
Arabia
to strengthen energy ties.
In 2011, Aramco agreed to an initial deal with PetroChina Co. (PTR) to supply
crude oil to a new refinery in southwest
China
, a
move aimed at cementing
Saudi Arabia
's
position as
China
's top
crude supplier.
China
surpassed the
U.S.
as
the biggest importer of oil from
Saudi
Arabia
in 2009.
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