ConocoPhillips has informed Saudi Aramco that it will end participation in the new refinery project being built in Yanbu Industrial City.

"The quality of Saudi Aramco as a partner and significantly reduced capital costs from the recent re-bidding process made it a very difficult decision for us," said Willie Chiang, senior vice president, Refining, Marketing and Transportation, ConocoPhillips. "We ultimately decided this project was not consistent with our current strategy to reduce our downstream footprint. We value and look forward to continuing our relationship with Saudi Aramco."