China approves Sinopec, Saudi Aramco refinery joint venture

27 July 2011 08:13  [Source: ICIS news]

GUANGZHOU (ICIS)--China’s National Development and Reform Commission (NDRC) has approved a 400,000 bbl/day refinery joint venture at Yanbu in Saudi Arabia between Sinopec and Saudi Aramco, NDRC said in a statement late on Tuesday.

NDRC is China’s top economic planner.

The approval was granted in June, according to the statement, but did not give the exact date.

Sinopec and Saudi Aramco signed a memorandum of understanding (MoU) in the middle of March for the joint venture, called Red Sea Refining Co (RSRC).

Sinopec holds a 37.5% stake and the remaining 62.5% is held by Saudi Aramco, according to earlier announcements from the two companies.

The refinery, which is expected to start operations in 2014, will be able to produce 90,000 bbl/day of gasoline, 263,000 bbl/day of ultra-low sulphur diesel, 6,300 tonnes/day of petcoke and 1,200 tonnes/day of sulphur, the announcements said.

By: Fanny Zhang
+65 6780 4359

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