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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Saudi Aramco says on track for 12 mbpd capacity Reuters - Monday, November 10 DUBAI, Nov 9 - State-owned Saudi Aramco, the world's top oil exporter, is on track to boost capacity to 12 million barrels per day by mid-2009, the company's new Chief Executive Khalid al-Falih told al-Arabiya television on Sunday. "In the second half of 2009 Saudi Aramco will reach 12 million bpd of crude oil," Falih said. "If you add the capacity from the neutral zone shared with Kuwait the capacity will be 12.5 million bpd." Aramco and France's Total <TOTF.PA> have delayed a bid round for a new $12-billion 400,000-barrel-per day refinery at Jubail to February from November, Falih said. "We did not decide to re-issue the tender but rather to extend the date of bids from contractors from the eleventh month, this month, to February ... so that contractors can make more suitable bids," said Falih, who was named chief executive a week ago and will take up his new post on Jan. 1. Aramco and Total said in June they would award all the tenders for the construction of the refinery in the first quarter of 2009. On Friday, ConocoPhillips <COP.N> and Aramco said they halted bidding on the construction of the 400,000 barrel per day joint-venture Yanbu refinery in Saudi Arabia, citing uncertainties in financial markets. Yanbu, which had a price tag of $6 billion when it was announced in 2006, was one of four plants planned by the world's top oil exporter to boost its refining capacity. Al Hayat newspaper, a Saudi owned daily, said om Saturday the launch of many oil-related projects in the world's largest oil exporter could be delayed to 2009. Saudi Arabia has set a March 7 deadline for prequalified firms to present detailed proposals to build the Jizan refinery which will have a capacity of 250,000-400,000 barrels per day. The tender for Jizan has been delayed several times from initial plans to open bidding in the second quarter of 2007. Turmoil in credit markets and tumbling oil prices have prompted energy firms around the world to reconsider expensive projects or cut back on spending to preserve liquidity. Global refining margins have been falling on weaker demand due to a slowing economy and increased supply from new export refinery capacity. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Saudi Aramco says on track for 12 mbpd capacityReuters - Monday, November 10 OPEC president: Oil cuts likely if no price rallyAP - Sunday, November 9 LUKOIL may halve '09 capex if oil under $45Reuters - Saturday, November 8 Russia's MICEX jumps 13 pct after long weekendReuters - Wednesday, November 5 Related Articles: Business China announces $586 billion stimulus planAP - 1 hour 16 minutes ago China okays $586 bln stimulus to boost economyReuters - 1 hour 20 minutes ago Kuwait cbank urges bank, investment firm mergersReuters - 1 hour 42 minutes ago Abu Dhabi to review tourism projects due to crunchReuters - 1 hour 52 minutes ago Latvian government takes over major bankAP - 1 hour 54 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Obama: First pooch may be mutt 'like me' Obama rules out new cabinet picks as jobless rate jumps Documents expose Prince William RAF training row: report US doctors tell Liu Xiang he needs surgery GM warns of cash crunch, appeals for bailout View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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