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Saudi Aramco, Total sign $9.6bn refinery deal

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 07 July 2009
MEGA DEAL: Saudi Aramco and Total on Tuesday signed a $9.6bn refinery deal. (Getty Images)
MEGA DEAL: Saudi Aramco and Total on Tuesday signed a $9.6bn refinery deal. (Getty Images)

Saudi Aramco and France's Total signed on Tuesday 13 agreements with contractors to build a $9.6 billion joint-venture refinery in the kingdom, state news agency SPA reported.

The two companies awarded the contracts for the 400,000 barrels per day (bpd) refinery last month. Spain's Tecnicas Reunidas and France's Technip won three of the biggest contracts offered.

The contract award was delayed by several months as Aramco and Total forced bidders to price in lower commodity and contracting prices in their bids. The final contracts awarded came in some $2.4 billion below the highest estimate for the refinery cost of $12 billion.


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Aramco has since relaunched the bidding process for a second 400,000 bpd export refinery in a joint venture with ConocoPhillips. That process was halted last year due to uncertainty in global financial markets. (Reuters)

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