The Samsung Engineering Company submitted the lowest offer to update the Riyadh Refinery

The South Korean Samsung Engineering Company won the lowest bid in a tender for renovating an oil refinery belonging to Saudi Aramco in Riyadh and whose production capacity reaches124 thousand barrels per day.

Other three other companies have submitted bids for the project on January the 7th, 2013. The project cost is estimated at $300 million and aims at producing a less polluting fuel.

Oil refineries in the Middle East witness apparent shift concerning the production of less polluting fuels in order to establish themselves in export markets. Therefore, Aramco and ExxonMobil spent two billion dollars to modernize a refinery with a capacity of 400 thousand barrels per day in Yanbu. The project is scheduled to reduce the sulfur rate in the petrol production this year and in diesel by 2016.

Source: Reuters