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Total Aims to Cut Jubail Refinery Cost Below $10 Billion
DUBAI - Total SA, Europe’s third-largest petroleum company, aims to take advantage of market conditions to lower the cost of building its 400,000 barrels a day Jubail refinery with Saudi Aramco, the French company;’s Chief Economist Pierre Sigonney said.
Total and Aramco plan to cut construction costs to less than $10 billion, he said at a conference in Abu Dhabi on Tuesday. “We’ve extended the bidding period to take advantage of falling prices.”
The refinery is expected to start production in 2013. Bidding for the work is still going on and 40 contractors are vying for 15 work packages, Sigonney said.
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