Total Intends to Take an Investment Decision on the Jubail Refinery in Early 2008 on the Basis of the FEED Work Underway

摘要

The rise in costs on the market for oil industry-related construction work and supplies could lead Total and ConocoPhillips to review their participation in joint ventures with Saudi Aramco for the development of two new refineries, an oil industry source told the local newspaper Al Watan. According to the same source, the combined cost estimate for the two 400,000-b/d plants has been revised up from about 12-13 billion initially to some 24 billion now. Without denying this statement, a senior executive of Saudi Aramco told Al Watan: "We are abiding by the terms of the agreements concluded with the two companies, and the two projects are still at the stage of front-end engineering and design [FEED] studies and cost estimates. We will see later in due course."