ConocoPhillips Pulls out of Yanbu Refining JV with Aramco

Saudi Aramco says it has received a "formal written notice" from ConocoPhillips that it is pulling out from a previously announced export oriented refinery  joint venture at Yanbu on Saudi Arabia's western Red Sea coast. Aramco says it is evaluating options to progress the Yanbu project. ConocoPhillips has recently announced plans to reduce its downstream operations. Willie C. Chiang, v.p./refining said the project was not consistent with the company's strategy to reduce refining and selling actitivies in the downstream business. Aramco and...

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