PARIS (Dow Jones)
A refinery joint venture between Saudi Arabian Oil Co. and Total SA (TOT) came a step closer to fruition after the companies awarded a contract to build the basic infrastructure for the construction site, the combined company said.
The Saudi Arabian contractor, Contracting & Construction Enterprises Ltd. is to equip the site, at Jubail, Saudi Arabia, with a "temporary construction facilities complex required for supporting the construction phase," according to a statement from the Saudi Aramco Total Refinery and Petrochemical Co., or SATORP, forwarded Monday by a Total spokeswoman.
"This contract award signifies, at this time and under these market conditions, the vision and commitment of both partners to proceed with our project," SATORP Chairman Dr. Samir Al-Tubayyeb said in the statement.
The 400,000-barrel-a-day Jubail refinery is slated to start operating commercially in March 2013, SATORP confirmed in the statement.
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