Saudi Aramco, the largest oil corporation in the world, will cooperate with ConocoPhillips Company, the international energy corporation, to build a refinery in Saudi Arabia.
The refinery will be constructed on the other side of the Arabian peninsula on the Red Sea. It will be a 400,000-barrel-a-day facility.
According to the preliminary forecasts the expenses will constitute over $10 billion. The Conoco-Aramco refinery is scheduled to start up in 2013.
Flirtation with Turkey turned out to be disastrous for Russia, but as long as Russia is in the game, the stakes should be high