National oil company Saudi Aramco and US energy giant ConocoPhillips signed an agreement for a refinery in Yanbu. The full-conversion refinery would process 400,000 barrels per day of Arabian heavy crude, and would produce high quality, ultra-low sulfur refined products that meet US and European specifications. The refinery is scheduled to begin operations in 2011.

According to the agreement, Aramco and ConocoPhillips will form a joint venture, with each company holding a 35 percent stake. The remaining 30 percent will be offered to Saudi citizens in the future.

Aramco signed a similar agreement with French energy company Total for a refimery in Jubail May 21.

ConocoPhillips is an international, integrated energy company based in Houston, Texas. It is the third-largest integrated energy company in the United States, based on market capitalization, oil and gas proved reserves and production; and the second-largest refiner in the United States. ConocoPhillips operates in more than 40 countries.

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