Aramco seeks to lower cost of refinery
Saudi Arabia: Saudi Aramco is seeking to renegotiate contracts related to the construction of its joint-venture refinery with Total, reported Reuters. The company has invited up to seven best bidders to London to renegotiate the cost of 6 out of 13 contracts for the construction of the 400,000 barrel per day refinery. The original estimated cost of the refinery was pegged as high as $12bn when commodity prices were near their peak last year, but now Aramco wants to keep the cost under $10bn. [AMEInfo.com]
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