Saudi Aramco has earmarked over SR18 billion ($4.8 billion) to establish and operate an oil refinery in the Western region, according to a statement by the Royal Commission for Jubail and Yanbu.
The refinery, which involves a capital investment of SR18.75 billion, will have a capacity of 400,000 barrels per day of petroleum products and will create 750 new jobs.
"The project will contribute to the development and progress of the industrial town of Yanbu in the west of the Kingdom," the Royal Commission said. "This is one of the projects at Yanbu-II industrial city launched by Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz a few months ago, and it is considered one of the largest in the Western region," a source at the Commission told the Arab News.
The Commission has allocated a 400-hectar land for setting up the project in the new industrial city. "The project is in the initial stage and is expected to be completed and begin operation by the end of 2007," the source said.
