At present negotiations are on-going to build a new oil refinery in Yanbu in Saudi Arabia which is situated on the Red Sea and this will be one of a number of plants being planned for the coming years and is all part of their programme to increase oil production by more than 1.7 million barrels per day. This will then mean that Saudi Arabia’s output will reach a staggering 3.8 million barrels per day over the coming years.
The new Yanbu plant would be capable of producing approximately 400,000 barrels per day and at present firms from Spain, India and South Korea cited to be at the top of the list for securing the contracts from Saudi Aramco and ConocoPhillips.
In South Korea SK Engineering are the front runners to build the crude unit, Daelim Industrial want to construct the gasoline unit and GS engineering want to secure the contract to build a hydrocracker. It would be the job of the Spanish Company Tecnicas Reunidas to build the coking unit and Indian Company Punj Lloyd Oil would be responsible for the oil storage units.
It is believed the final list of contractors selected will be announced in May but at present no final decision for the plant has been made.Andrew Reid, Staff Writer, Gulf Jobs Market News