Included in the deal is the building of a new refinery that will handle local and imported feedstock. Initial capacity will be around 100,000 barrels per day. This will represent a huge increase in refined output and turn Mauritania into a net exporter of refined petroleum products. Naftoil Saudi Arabia S.A. is in early-stage discussions with a leading Chinese player who will act as a partner in building and operating this new refinery.
The initial year-one investment is expected to be in excess of US $3 billion.
The deal was signed by Sheikh Solaiman Bin Abdulaziz Alkuhaimi, chairman of the board of Naftoil Saudi Arabia S.A. and Mr. Hani Salaam, president of Gulf Regal Corporation.
This development represents an exciting development in the commercialization of Mauritania's oil reserves.
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