Saudi Aramco, Total to go ahead with new refinery

State oil giant Saudi Aramco and France’s Total (TOTF.PA: Quote, Profile, Research) have decided to go ahead with plans to build a new 400,000 barrels per day (bpd) refinery in Saudi Arabia, Aramco and Total said in a joint statement on Wednesday.

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 bpd from 2.1 million bpd.

The refinery on the Gulf coast at Jubail will start up at the end of 2012, the companies said.

They provided no details as to the cost of the plant.

Reuters