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The Houston energy giant and Saudi Aramcpo construction of the refinerhylast November, citing poor market conditions. “ConocoPhillips is pleasedx to resume the bidding process now that the marketsw aremore favorable, and we are committesd to working with Saudi Aramco to progresse the Yanbu Export Refinery Project,” Willie senior vice president at ConocoPhillips, said in a statement “Thizs project will provide very competitive new supplieds of refined products to help meet the world’x growing energy demand.” Early work packagesd are expected to be awardeds in November, while the remainingf packages will be awarded in the seconc quarter of 2010.
The 400,000-barrel-per-day refinery will be buil at the Yanbu Industrial City to process heavty crude supplied by Saudi It will thenproduce high-quality, ultra-low sulfuf refined products that will meet current and futures product specifications. ConocoPhillips (NYSE: COP) expects the project to start up in the thirr quarterof 2014.
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