Press Release: Andris Piebalgs welcomes European-Saudi co-operation to create new refining capacity

Energy Commissioner Andris Piebalgs welcomed the signature of a shareholders agreement for the creation of the Juabial Refining and Petrochemical Company, between French oil company Total and Saudi Aramco, in a ceremony that took place today in Jihhad, Saudi Arabia, on the margins of the Conference on high oil prices. Abdallah Jum'ah, president and CEO of Saudi Aramco, and Christophe de Margerie, CEO of Total, signed the agreement in the presence of Commissioner Piebalgs, and Saudi and French energy ministers, Al Naimi and Jean Louis Borloo. 'In a time of high oil prices, any new initiative to improve market fundamentals, such as refinery capacity, is extremely welcome', said Commissioner Piebalgs after the signature.