Sinopec Joins Aramco in Yanbu Export Refinery Project

Sinopec has signed a memorandum of understanding with Saudi Aramco to become a joint venture partner in the Red Sea Refining Co. (RSRC), which is developing an export refinery with throughput of 400,000 bbl/day at Yanbu on Saudi Arabia's Red Sea coast. The agreement, signed by Khalid A. Al Falih, president and CEO of Aramco, and by Su Shulin, president of Sinopec, envisages Aramco having a 62.5% stake and Sinopec the balance in RSRC. The news follows last year's withdrawal from the project by ConocoPhillips. Aramco and Sinopec bring commercial and technical...

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