Yasref oil refinery, a joint venture between Saudi Aramco and China Petroleum & Chemical Corp., said it is planning to offer shares to the public as its refinery margins are improving, Bloomberg reported citing its CEO Mohammad Alshammari.
However, the timing of this offer hasn’t been yet determined.
Yasref’s refining margins have improved since August even as the global industry faces a significant capacity surplus, Alshammari added.
Saudi Arabia along with other Middle Eastern oil producers are expanding refining capacity to save on the cost of imported fuel (mainly gasoline and diesel) needed to meet domestic demand and to produce cleaner burning diesel which is sold at high prices in Europe, the refinery’s main target market, the report added.
“Yasref has been processing crude at full capacity of 400,000 barrels a day since July and currently produces 265,000 barrels a day of low-sulfur diesel and 91,000 barrels a day of 91-octane and 95-octane gasoline”, Bloomberg has quoted Alshammari as saying.
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