National oil company Saudi Aramco signed an agreement today with France’s Total to build a $6 billion oil refinery in Jubail. The export-oriented, full conversion refinery will process Arabian heavy crude, and is expected to have a capacity of 400,000 barrels per day. It is scheduled to be up and running by 2011.

According to the agreement, Aramco and Total 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.

The deal with Total is one of two joint venture export refineries that Saudi Arabia wants to build in the Kingdom. Total is one of the world’s major oil and gas groups, with activities in more than 130 countries.

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