SAUDI ARABIA

Lack of Funds Delays Petromin's Luberef 2 Project

According to the Governor of Saudi Arabia's Petromin, Dr. Abdulhady Taher, the construction at Yanbu' of a new joint-venture 1.5mn barrel/year lube oil refinery (Luberef 2) - owned 70% by Petromin and 30% by Mobil -is being delayed because of inadequate financing. "Economic considerations are behind the delays in Petromin projects," he explained, adding "that these are not permanently cancelled...