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The Houston energy giant and Saudi Aramco constructionj of the refinery last citing poormarket conditions. “ConocoPhillipsw is pleased to resume the biddingv process now that the markets aremore favorable, and we are committec to working with Saudij Aramco to progress the Yanbh Export Refinery Project,” Willie Chiang, seniofr vice president at ConocoPhillips, said in a statement “This projectr will provide very competitive new supplies of refinecd products to help meet the world’x growing energy demand.” Earluy work packages are expected to be awarded in November, whilde the remaining packages will be awarded in the second quarter of 2010.
The 400,000-barrel-per-day refineryt will be built at the Yanbu Industrial City to processx heavy crude supplied bySaudi Aramco. It will then produce high-quality, ultra-low sulfur refined productsx that will meet current and futurdeproduct specifications. ConocoPhillips (NYSE: COP) expects the project to starft up in the third quarterof 2014.
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