European and Korean firms bid for Aramco refinery expansion

According to Reuters, South Korea's Samsung Engineering and Hyundai Engineering and Construction, Italy's Saipem and Spain's Tecnicas Reunidas bid on 1 September  for the project, which is being developed by the Saudi Aramco Lubricating Oil Refining Co (Luberef).

Luberef, 70 per cent-owned by Saudi Aramco and 30 per cent by Saudi Jadwa Industrial Investment, produces around 550,000 tpy of oil lubricants at its two refineries at Jeddah and Yanbu.

Yanbu refinery's current capacity of 280,000 tpy of oil lubricants is expected to double once the project is completed in 2015.