Saudi oil minister Ali al-Naimi has said a major Red Sea oil refinery joint venture between Saudi Arabia and China is on schedule and expected to be operational in the third quarter of this year, Reuters has reported. Yanbu Aramco Sinopec Refining Co’s (Yasref) 400,000 barrels day (bpd) refinery, a joint Saudi Aramco and Sinopec venture, is scheduled to process heavy crude from the kingdom’s 900,000 bpd Manifa oilfield. The refinery will produce cleaner fuels such as 10 parts per million (ppm) ultra low sulphur diesel. The main products of the refinery will be 3,000 bpd of benzene, 263,000 bpd of diesel, 90,000 bpd of gasoline, 6,200 tonnes per day of pet coke and around 1,200 tonnes per day of sulphur.
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