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2/24, 2:14 PM (Source: TeleTrader)
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Aramco to close refinery for maintenance - report

Saudi Aramco said on Monday it will close its biggest oil refinery in the city of Ras Tanura that produces approximately 550,000 barrels of oil per day. The shutdown will begin on June 1 and will last five to six weeks. The plant's general manager Fawwaz Nawwab told Reuters that the refinery intends to connect new units and improve old units in order to produce cleaner fuels.

Ras Tanura is one of four residential areas located on the coast of the Persian Gulf. It was built by Aramco back in the 1940s.

Shares of Saudi Arabia oil giant Saudi Aramco made its stock market debut back in December last year at the price of 35.2 Saudi riyals ($9.38), jumping 10% from its initial public offering (IPO) price set at 32 riyals. That valued the entire company at $1.88 trillion, $120 billion below the $2 trillion valuation initially hoped for by the Saudi government.

Breaking the News / TF