Rabigh Refining and Petrochemical Company (Petro Rabigh) signed a SAR 300 million contract with Jacobs Engineering Group to provide engineering and designing services as well as project management for fuel oil development project.
The contract will extend for five years, the company said in a bourse statement.
In September, Rabigh’s board of directors approved launching studies on setting up a project to convert low-quality fuel oil into high-quality diesel and other products.
The new project, which includes building two main labs and other facilities, will have a production capacity reaching 75,000 barrels per day.
The firm will disclose the project’s expected financial impact and any other developments later, the statement added.
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