Saudi Aramco, Conoco moving forward on refinery

Saudi Aramco and ConocoPhillips said on Friday that they would proceed with plans to build a 400,000 barrel-per-day refinery in Yanbu, Saudi Arabia, even as costs for new refining facilities soar.

The plant is one of four that the world’s top oil exporter aims to build to boost domestic refining capacity by as much as 1.6 million barrels per day from 2.1 million.

The companies did not disclose an estimated cost for the Yanbu project, which was originally pegged at about $6 billion when it was announced in 2006.

Reuters