It is reported that Sinopec Group and Saudi Aramco will build a deep processing refinery in Yanbu’ al Bahr a major Red Sea port in western Saudi Arabia. Sinopec Group and Saudi Aramco will respectively hold 37.5% and 62.5% stakes in the joint venture.

The project called the Red Sea Refinery is slated to be operational in 2014.

Saudi Aramco is the largest petroleum supplier in the world.

(Sourced from Shanghai Securities News)