Saudi Aramco Total Refining and Petrochemical Company (SATORP) finalized the awarding plan for Engineering, Procurement and Construction (EPC) contracts that constitute the thirteen different process packages of their Jubail joint venture refinery, following a meeting of the SATORP Board of Directors. This marks an important step in execution of 400,000 barrel per day world-class, full-conversion refinery in Jubail, Saudi Arabia, which plans to be fully operational by the second half of 2013. The full-conversion refinery will maximize production of diesel and jet fuels, and will also produce 700,000 tpa of paraxylene, 140,000 tpa of benzene and 200,000 tpa of polymer-grade propylene.
When completed, the export refinery will be one of the most advanced refineries in the world and will process Arabian Heavy crude to products fulfilling the most stringent specifications, to meet rising demand for environmentally-friendly fuels. The refinery is estimated to create approximately 1,200 direct employment opportunities in the Kingdom, each of which typically creates five to six indirect job opportunities. Saudi Aramco and Total will ultimately own 37.5% of the company each. Subject to required regulatory approvals, Saudi Aramco plans to offer 25% of the company to the Saudi public in an Initial Public Offer (IPO) during the last quarter of 2010.