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ConocoPhillips, Aramco relaunch Yanbu bidding

ConocoPhillips, Aramco relaunch Yanbu bidding

ConocoPhillips and the state-run Saudi Arabian Oil Co. are again asking for bids to build a multibillion-dollar refinery in Saudi Arabia, saying economic conditions have improved.
The companies signed a $6 billion agreement in 2006 to build the 400,000 barrel-a-day oil refinery in the kingdom's Red Sea city of Yanbu, but postponed those plans late last year as energy prices plunged.
Crude prices had been cut in half from July highs of $150 per barrel when the refinery plans were postponed in early November. Crude fell to lows around $30 by the end of the year.
Benchmark crude on Tuesday is trading around $72.
The refinery, expected to start up in 2014, will process Arabian heavy crude supplied by Aramco.
Shares of ConocoPhillips rose 13 cents to $42.34.


Updated : 2021-02-27 00:45 GMT+08:00