Saudi Aramco and Total sign Memorandum of Understanding for proposed Jubail export refinery

abarrelfullabarrelfull wrote on 09 Jan 2012 06:54

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May 21, 2006:

The Saudi Arabian Oil Company (Saudi Aramco) and Total today signed a comprehensive Memorandum of Understanding (MOU) related to the planned development of a 400,000 barrel per day world-class, full-conversion refinery in Jubail, Saudi Arabia.

The proposed refinery will be designed to process Arabian Heavy crude and will produce high–quality refined products that meet current and future product specifications. The project is currently scheduled to start up in 2011.

“This proposed project represents an excellent opportunity to build on the Kingdom’s strategy of addressing global energy demand while attracting foreign investment to expand its economy,” said Abdallah S. Jum’ah, Saudi Aramco President & Chief Executive Officer. “I am proud that Saudi Aramco can support the Kingdom in this process, and I am gratified that our friends and colleagues from Total will be our partners in this world-class project.”

" Total is proud to have been chosen by Saudi Aramco to build an efficient and full conversion refinery that will provide the country with an increased capacity to meet different markets needs in refined petroleum products. This agreement reinforces our presence in Saudi Arabia and through this long term project strengthens our close cooperation with Saudi Aramco", declares Thierry Desmarest, Total Chairman and Chief Executive Officer.

Agreement of the Parties
The MOU sets forth the agreement between Saudi Aramco and Total regarding the key parameters of the project, the project configuration, and a broad range of the major technical, commercial, legal, and financial terms.
To proceed as quickly as possible with the project, the parties have agreed to undertake without further delay a comprehensive joint Front-End Engineering and Design (FEED) study. The definitive documents to implement the project will be negotiated in parallel with the joint FEED study.

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