Sinopec gets 37.5% stake in Saudi Red Sea refinery

Sinopec and Saudi Aramco 16th signed a memorandum of understanding in Beijing, a stake in the Saudi Red Sea Refining Company, access to 37.5% of the refinery, Saudi Aramco held the remaining 62.5% of the shares of March 16 night, Sinopec released the above news, the refinery can be processed heavy crude oil 400,000 barrels/day,　　It is planned to start production in 2014. Red Sea Refinery was established in July 2010, is located in the west coast city of Saudi Arabia, Yanbu'' Al-bahr, Saudi Aramco and the United States, the third largest oil company of the joint venture, the two sides in 2006 on the project reached a memorandum of understanding, each holding 50% shares, was planned to launch in 2013. The refinery's initial investment was estimated at $6 billion trillion, but as construction costs rose, the project invested more than initially in 2008.　　At the end of December, Saudi Aramco announced that ConocoPhillips had withdrawn from the project, but did not specify the reasons for its withdrawal. Saudi Aramco is the main oil supplier of Sinopec, and the supply has increased every year, from 2007 to 360,000 barrels/day, has risen to 2010 1 million barrels/day.　　In addition, Saudi Aramco, Sinopec and Exxon Mobil have built a refinery in Fujian, refining capacity of 12 million tons/year. Saudi Aramco, the Saudi Arabian state-owned oil company, has a conventional crude oil reserves of 260.1 billion barrels, the world's largest and 275.2 trillion cubic feet of natural gas, the world's fourth-largest. Responsible Editor: NF054