JEDDAH: The Saudi Arabian Oil Company (Saudi Aramco) and Total yesterday signed the shareholders agreement and other core deals for the establishment of their joint venture, the Jubail Refining and Petrochemical Company. The signing of these agreements by Abdallah S. Jum’ah, president and CEO of Saudi Aramco, and Christophe de Margerie, CEO of Total, marks an important step for the planned construction of this 400,000 barrel per day world-class, full conversion refinery in Jubail.
The executive committee of Total and the board of directors of Saudi Aramco decided on May 6 and 8 respectively to launch the project.
“The Jubail refinery reflects the leadership of Saudi Aramco and Total in our strategic alliance to address the existing mismatch between refinery infrastructure and types of crude oil on the market and the resulting tightness in the refining sector,” said Jum’ah. “It also demonstrates our commitment to increase capacity to meet various global markets’ needs for refined products.”
“The Jubail refinery project is a brilliant example of a strong strategic partnership with a major oil producing country. Together, Saudi Aramco and Total will contribute to supply growing demand for transportation fuels and petrochemicals, especially in Asia and the Middle East, and also in Europe where the demand for diesel and jet fuels continues to grow,” de Margerie said at the signing ceremony.