The Saudi oil ministry has postponed the tender for the contract to build and operate a new refinery at Jizan until the end of the first quarter, Saudi-based daily Al Watan reported Wednesday.

The release of the tender has been delayed as the ministry hasn't determined whether the refinery will be located in Jizan Economic City at the Red Sea or elsewhere, the paper said, citing a person familiar with the situation.

Eight consortia are competing for the refinery, which will have capacity to process between 250,000 and 400,000 barrels a day of crude oil, the paper reported.

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