S.Korea eyes stake in bln Saudi refinery project

Seoul, Mar 26: South Korea is seeking to secure stake in a billion Saudi refinery project, Seoul's energy ministry said on Monday.

South Korea's energy minister, Kim Young-joo, expressed interest in the Jubail and Yanbu refinery project in a meeting with Saudi Oil Minister Ali al-Naimi in Riyadh, the ministry said.

Naimi responded by saying he has a high regard for South Korean companies' expertise in building refinery facilities, the ministry said.

A Saudi official has said the refinery project, issued by Saudi Aramco, would be offered to the private sector and would be built with participation from foreign partners.

Top oil exporter Saudi Arabia aims to boost refining capacity at home to over 3 million barrels per day (bpd) from about 2.2 million bpd.

The kingdom has already signed deals worth billion for two new refineries one with France's Total at Jubail and one with U.S. ConocoPhillips in Yanbu that are expected to produce a combined 800,000 bpd of products by the end of the decade.

Reuters