Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Aramco Refinery With Sinopec to Start 2014, Al-Falih Says

Don't Miss Out —
Follow us on:

Jan. 14 (Bloomberg) -- Khalid al-Falih, head of Saudi Arabia’s state-owned Saudi Arabian Oil Co., said a joint-venture refinery with China Petroleum & Chemical Corp. will begin production in 2014.

The Yasref plant will cost $8.5 billion to $10 billion, and financing hasn’t been finalized yet, al-Falih said. The project is the fourth venture between Saudi Aramco and Sinopec, as the companies are called, al-Falih said. Saudi Aramco’s refining capacity will reach 8 million barrels a day over the next decade, with most additional capacity planned in China, al-Falih said.

The refinery, which will process 400,000 barrels of heavy crude a day, will create 1,200 direct jobs and more than 5,000 indirect jobs, he said.

To contact the reporter on this story: Wael Mahdi in Cairo at wmahdi@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.