Saudi state oil giant Aramco inked a deal Saturday with China’s Sinopec to build an oil refinery in the Red Sea city of Yanbu that will process 400,000 barrels per day, state news agency SPA said.
The project, named Yasref, aims to be operational in 2014, SPA reported.
Saudi Aramco will hold a 62.5 percent stake with Sinopec holding the balance in the venture that highlights China’s growing role as an infrastructure developer in the [...]
In what can only be described in the most astounding of terms, the Kremlin is reporting that the world’s largest corporation, American-based Exxon Mobil, has signed a deal with Russia allowing it to flee the United States in exchange for trading its vast oil and gas reserves in Texas and the Gulf of Mexico and gaining for itself exclusive drilling rights in the vast untapped regions of the Russian Arctic.
NEW YORK (CNNMoney) — The oil execs are coming to Washington.
And that means the long-running battle between Democrats, Republicans and oil companies over tax breaks will intensify on Thursday when industry leaders face questions from the Senate Finance Committee.
At issue: Legislation that would cut $4 billion in oil and gas subsidies.
Chevron (CVX, Fortune 500) CEO John Watson will attend Thursday’s hearing, a company spokesman confirmed. And theNational Journal reported ConocoPhillips (COP, Fortune 500) [...]