Saudi Aramco joint venture to start operations in October
Saudi Aramco looks set to meet its commissioning deadline for its $10bn joint venture refinery at Yanbu on the red Sea coast of Saudi Arabia, with operations due to start early in the fourth quarter of 2014.
The refinery will have a capacity of 400,000 barrels a day (b/d) when fully commissioned in mid-2015 and will process Arabian Heavy crude oil.
The product slate is:
- Diesel 263,000 b/d
- Gasoline 90,000 b/d
- Petcoke 6,200 tonnes a day (t/d)
- Sulphur 1,200 mt/d
- Benzene 140,000 tonnes a year (t/y)
The US-based oil price tracker Platts said the first shipments would be split between the two shareholders according to their respective stakes in the refinery.
Aramco states that the complex will provide 6,000 direct and indirect jobs. Sinopec is the worlds third-largest refiner of oil behind the US ExxonMobil and the UK/Dutch Shell Group. It is already Aramcos largest crude oil partner and buyer.