Saudi oil giant Aramco agreed in February last year to buy a
RAPID is a
The two companies said in a statement that they signed thedeal on Wednesday but did not confirm the value of Aramco'sinvestment.
Saudi Aramco will supply 50 percent of the refinery's crudeoil with an option of increasing it to 70 percent, the statementsaid.
The development will contain a 300,000 barrel-per-day oilrefinery and a petrochemical complex with a capacity of 7.7million metric tonnes a year. Refinery operations are set tobegin in 2019, with petrochemical operations to follow 6-12months afterwards.
(Reporting by Aziz El Yaakoubi; Editing by Susan Fenton)