July 1, 2013 at 12:06 pm #1625
Saudi Arabian Oil Co., or Aramco, and China Petrochemical Corp. or Sinopec Group, are expected to start their joint Yanbu, Saudi Arabia-based oil refinery operations by the end of 2014, a top executive from Aramco said Thursday.
The proposed commence date is slightly behind schedule, which according to Aramco’s website was slated for September 2014.
“That project is already in the process of execution and construction. Our expectation is (to be operational) by the end of next year,” CEO of Aramco Trading, Said A. Al-Hadrami, told Dow Jones on the sidelines of a CRU conference.
Aramco and Sinopec Group signed the deal to develop the 400,000-bpd refinery, known as Yasref, in January last year. Sinopec holds a 37.5% stake in the project, while Saudi Aramco owns 62.5%. Sinopec Group is Asia’s biggest oil refiner by capacity.
US oil major ConocoPhillips in 2011 pulled out of the Yanbu project after deciding to cut back on refining and marketing activities.
The Aramco-Sinopec deal is part of efforts by China and Saudi Arabia to strengthen energy ties.
In 2011, Aramco agreed to an initial deal with PetroChina to supply crude oil to a new refinery in southwest China, a move aimed at cementing Saudi Arabia’s position as China’s top crude supplier.
China surpassed the US as the biggest importer of oil from Saudi Arabia in 2009.
06.28.2013 / Yue Li / Dow Jones Newswire
July 1, 2013 at 2:22 pm #4447
This seems to have become monthly news blurb without any additional info in it on projects true status. The Sept S/Up they mention sliding to end-of-year was always just initial units with all units not online till Nov 2014.
There was good article on this SATORP Yanbu Refinery in April when the CEO’s did walk thru and the project was already at 97% completion. The Bechtel-COP Tech 6 Drum Coker 117MBD /6.3kMTPD petcoke was already installed & being insulated. <Have photos of both Jabil & Yanbu 6 drum cokers in const phase>. Saudi’s have committed to make some anode grade coke for calciners in Mideast but neither project has indicated Resid Desulfurizer needed to improve fuel coke to anode grade much like Kuwait petcoke.
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