A decision made by the company board in 2008 to postpone the submittal of the EPC bids to bring down costs, has paid off. Plunging construction costs amid the global financial crisis has aided in bringing down cost of Saudi Aramco and Total's joint refinery in Saudi Arabia. >From the earlier estimates US$10 bln, the outlay has reduced to US$9.6 billion.
5 of the 13 EPC contracts have been awarded to Technip, Tecnicas Reunidas and Samsung Engineering Co for the 400,000 bpd Jubail refinery. The refinery will be fully operational by H2-2013.