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Saudi receives two bids for Jizan refinery

Saudi Arabia has received two bids from four firms...

January 2, 2010 8:59 by

Saudi Arabia has received two bids from four firms to build, own and operate a new oil refinery in Jizan, sources told Reuters. The bids have come from Saudi-owned industrial group Tasnee, Saudi Nama Chemicals Group, Saudi Advanced Refineries and Petrochemicals Co, says the report.

The tender for the refinery has been delayed several times, but Saudi oil minister Ali al-Naimi said he expects the winning bid to be announced soon. The Jizan refinery will have a capacity of 250,000 to 400,000 barrels per day, and is the first Saudi oil refinery set to become 100 percent privately-owned, says Reuters.

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