Plans to double the size of a major Saudi refinery has brought tenders from Europe and Asia.
Development of the Saudi Aramco-owned refinery in Yanbu would double its existing 280,000 tons/year capacity of lubricants product, as well as allowing the production of other base oils which would be new to the Gulf region, according to the company.
The project is likely to cost around $1bn and has attracted interested from construction firms in South Korea and Europe. Samsung and Hyundai's engineering divisions have both entered the ring, along with Tecnicas Reunidas from Spain and Italy's Siapem.
The Yanbu refinery is one of two owned by Saudi Aramco Lubricating Oil Refining (Luberef a joint venture between majority shareholder Saudi Aramco and Saudi Jadwa Industrial Investment. The other refinery is also along the Red Sea coast in Jeddah.