Middle East Economic Survey

VOL. LIII

No 17

26-April-2010

ConocoPhillips Exits Yanbu' As Saudi Aramco Changes Downstream Direction

US major ConocoPhillips announced on 21 April it was pulling out of its planned 400,000 b/d joint venture Yanbu' export refinery project with Saudi Aramco. The announcement comes amid a widespread reevaluation by Saudi Aramco of its domestic downstream plans. The state-owned firm is moving its planned flagship petrochemical joint venture with Dow Chemical from Ras...