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Conoco relaunches Yanbu refinery bidding
- Saudi Arabia: Wednesday, July 01 - 2009 at 10:10
Saudi Aramco and ConocoPhillips have said they will resume the bidding process, halted last year, for contracts to build an export-oriented refinery in Saudi Arabia. The two companies had initially planned to start the refinery in 2011 but they stopped the process due to uncertainties in global financial markets, reported Reuters. Cost estimates for the Yanbu refinery on the Red Sea coast doubled last year to $12bn from an initial $6bn when the project was announced in 2006.
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