Aramco and Total to double investment in Jubail refinery project

SATORP Saudi Aramco refinerySaudi Aramco and Total have announced their intention to double capital investment in their under-construction oil refinery joint venture in Jubail

Saudi Aramco Total Refinery and Petrochemicals Company (SATORP) will see its spend increased in Q1 2013 from approximately US$949.2mn to US$1.89bn, according to a statement posted on the Saudi Stock Exchange (Tadawul).

Upon completion, the refinery will process heavy crude from Aramco's Manifa oilfield, which currently produces close to 900,000 barrels per day.

According to a Reuters report, Aramco and Total have already begun tests on several units at the refinery, which will be capable of processing 400,000 barrels per day when it becomes fully operational in Q3 2013.

Aramco holds a majority stake of 62.5 per cent in the project, which will produce 190,000 bpd of diesel, 90,000 bpd of gasoline, 50,000 bpd of kerosene, with Total holding the remaining 37.5 per cent.

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