The 13 engineering, procurement and contracting (EPC) contracts awarded for Saudi Aramco Total Refining and Petrochemical Company's (Satorp) mega-project - the Jubail Export Refinery, have been officially signed.
The agreements were signed by Satorp's president & CEO, Salem H. Shaheen, and the heads of the respected contractors involved in the project.
The Jubail Export Refinery, a joint venture between Aramco and French supermajor Total had delayed awarded the contracts initially to drive down the US$12 billion cost of the project to a level that reflected the current low prices for raw materials.
After a meeting held recently in Paris, the Satorp board managed to trim the project budget down to around $9.6 billion and the contracts were awarded shortly after.
The Satorp refinery will process Arabian Heavy crude and have a capacity of 400,000 barrels per day. It will also produce 700,000 metric tonnes per annum (mtpa) of paraxylene, 140,000 mtpa of benzene and 200,000 mtpa of polymer-grade propylene.
Satorp is due to become operational in 2013.
It is estimated that the refinery will produce about 1,200 direct employment opportunities, each of which will provide 5 to 6 indirect job opportunities.
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