Saudi Aramco put the 900,000 barrels per day (bpd) Moneefa project under examination in November 2008 to renegotiate contracts to replicate the slide in the cost of materials and construction as the global economy slowed. The scheme had an expected cost of $9 billion when the company put it on hold.
Aramco has been asking contractors to share the savings …there have been some amendments on the contracts, like the schedule time and revised price items, but Aramco is moving forward, a source said.
Construction of the oil processing facilities would begin in January 2010, from the early target of June 2009, a contractor said.
