Middle East Economic Survey

VOL. LIV

No 12

21-Mar-2011

SAUDI ARABIA

Saudi Aramco And Sinopec Announce Refinery Partnership

Saudi Aramco on 16 March announced it had signed a memorandum of understanding (MOU) with Sinopec for the Chinese state oil firm to take a 37.5% stake in the planned 400,000 b/d export refinery at Yanbu'. The move follows the exit of US firm ConocoPhillips from participation in the project last April (MEES, 26 April 2010) and builds on the growing energy partnership...