Aramco, Sinopec ink Yanbu refinery deal

17 January 2011: Saudi Aramco has signed a SR32bn ($8.5bn) joint venture agreement with China's Sinopec Group to set up a state-of-the-art full conversion oil refinery in Yanbu. The new JV, Yanbu Aramco Sinopec Refining Co (Yasref), is set to begin production in the second half of 2014, processing 400,000 barrels of heavy crude a day. Saudi Aramco will hold a 62.5 per cent stake in the plant while Sinopec Group will own the remaining 37.5 per cent .

Source: Ameinfo