Saudi Aramco plans to build a multibillion dollar export-oriented refinery with a 400,000 barrel-per-day (bpd) capacity in the Red Sea city of Yanbu.
This was disclosed by Khalid Al-Buainain, Vice President of refining at Aramco, to reporters at an energy conference in Dubai, according to a press statement published today.
Investment for the plant will run to $4 billion-$5 billion, he said.
Saudi Aramco wanted to form a joint venture with one or more international partners for the facility, he said. "We are talking across the globe to all refiners," he said, adding that the deal should be finalized "within a year or so."
