19 May 2009 14:43 [Source: ICIS news]
ROTTERDAM, Netherlands (ICIS news)--Total has extended the bidding period for contractors to work on its joint venture refinery in ?xml:namespace>
“There are currently 15 packages and 40 bidders and the bidding period has been extended,” said Pierre Sigonney, speaking at the Global Refining Summit.
The announcement for the joint venture to build the refinery was made in May 2008, with Total owning 37.5% and Saudi Aramco owning initially 62.5%, with 25% later to be offered to the Saudi public.
“For the moment, we are still in the process of adjudication. Both Total and Saudi Aramco are fully committed to the project,” said Sigonney.
“We are expecting the costs of the project to decrease. There will more than likely be an announcement in future months,” he added.
The initial timeframe was that all packages would be awarded by the end of the first quarter of 2009.
The refinery was expected to come on line in 2013, with a processing capacity of 400,000 bbl/day. The refinery would process Arabian Heavy crude into refined products.
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