ConocoPhillips has cancelled plans to build a new plant with Saudi Aramco in Saudi Arabia as part of its strategy to reduce its refinery operations, Reuters has reported. The refinery was to be built by the two oil companies in Yanbu Industrial City, and have a processing capacity of 400,000 barrels per day. 'We ultimately decided this project was not consistent with our current strategy to reduce our downstream footprint,' Willie Chiang, senior vice president for refining, marketing and transportation, said in a statement. Aramco said it will go ahead with the plant despite Conoco's withdrawal.