NO. 20


Private Saudi Oil Group Acquires 50% Of Fina's US Refining And MarketingAssets

A private Saudi oil group, headed by prominent businessman Badr Mohammed Al-Aiban,signed in early February a final detailed letter of intent with Fina Inc., theAmerican subsidiary of Belgium's Petrofina, for the purchase of 50% of thelatter's refining and marketing assets in the US, MEES learns. Fina and theSaudi group will set up a 50-50 joint venture - to be known as Fina USA - to...