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Yanbu refinery deals to be awarded soon

01 July 2010

Saudi Aramco plans to award deals to build a 400,000 barrels per day oil refinery in Yanbu in the coming few days, Reuters has reported, citing industry sources. Aramco said it will push on with the project on the Red Sea coast even after ConocoPhillips withdrew in April. "We expect early next week," one source said when asked about the date of the contracts' award. "They (Aramco) do not want to lose all these rates, they got good offers." Yanbu accounts for just under a quarter of Saudi plans to add around 1.7 million bpd of refining capacity to the current 2.1 million bpd.

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