earlier this month invited bids for key contracts to build its new 400,000 b/d joint venture refinery with ConocoPhillipsConocoPhillips at the Red Sea port of Yanbu'. On 16 May, Saudi AramcoSaudi Aramco announced it was proceeding with the Yanbu' project, quashing rumors that cost escalation was killing the estimated $13bn initiative. However, the fact that no Final Investment Decision (FID) was announced left lingering question marks over the project. In contrast, Saudi AramcoSaudi Aramco had announced FID for Yanbu’s sister project – a 400,000 b/d export refinery with Total at Jubail (MEES , 19 May). On the Yanbu' project MEES understands that, unusually, the partners still have not secured a gas supply agreement for electric power generation, even though the construction phase has been launched. While projected costs for...
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