2005 News Story

Saudi Aramco to float shares in new Yanbu refinery

The national oil company Saudi Aramco has announced that it will float for public subscription shares in its planned five-billion-dollar oil refinery in Yanbu, the industrial city on the Red Sea. The refinery, to be established with the help of a foreign partner, will process 400,000 barrels of oil a day. Several American as well as European and Asian companies have expressed interest in the project, and Aramco is short-listing applications for its strategic partner; the selection will be made by the end of the third quarter of this year. The Initial Public Offering (IPO) will be offered from the shares of the joint-venture company to be formed.