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Luberef awards Samsung expansion deal
- Saudi Arabia: Tuesday, October 23 - 2012 at 00:57
Saudi Aramco Lubricating Oil Refining Co (Luberef) has signed awarded South Korea's Samsung Engineering the contract to expand an oil lubricants refinery in Yanbu, Reuters has reported. Once the project starts commercial production in the fourth quarter of 2015, the company's total production in both Jeddah and Yanbu refineries would double to 1.2 million tonnes of oil lubricants annually, the firm said. Luberef, a 70-30 joint venture between Saudi Aramco and Saudi Jadwa Industrial Investment, did not disclose the value of the contract but the expansion project is expected to cost around $1bn.
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