term, the MOU contemplates Saudi Aramco and ConocoPhillips forming a joint venture company with equal ownership interests to own and operate the proposed new refinery. Subject to required regulatory approvals, the parties may offer up to 30 percent interest in the project to the Saudi public. Saudi Aramco would supply the project with 400,000 barrels per day of Arabian heavy crude oil. Saudi Aramco and ConocoPhillips would each be responsible for marketing one half of the refinery's production.
