Saudi about to award Yanbu refinery contracts

South Korean, Spanish and Indian contracting firms are on the verge of winning contracts from Saudi Aramco and ConocoPhillips to build a new Saudi oil refinery, industry sources said. The 400,000 bpd Yanbu plant on the Red Sea coast is one of several at which the kingdom is planning to raise refining capacity by more than 1.7 million bpd.