Saudi Yasref oil refinery starts exports
(MENAFN) Yanbu Aramco Sinopec Refining Co. (Yasref), a major new joint-venture refinery in Saudi Arabia, said it shipped its first clean diesel cargo, Arab News reported.
The start-up of the refinery is expected to weigh on diesel prices as the rise in supply will far outweigh demand, which has been sluggish because of weak economic growth, traders said.
The 400,000 barrels-per-day (bpd) refinery, a joint venture between Saudi Aramco and China's Sinopec, started trial runs in September and had originally planned its first exports by November.
Yasref is the second refinery to start up in Saudi Arabia in the past two years and will complete Saudi Aramco's transformation into a leading exporter of diesel.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.