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Aramco, Total Eye $1.2 bln Cost Cut on New Refinery

Saudi Aramco and Total want bidders for a new joint venture refinery to chop at least $1.2 billion from costs due to the global economic downturn, a spokesman for the venture said on Sunday.

"I think we will be saving more than 10 percent on the cost," Khalifa al-Lahdan, public relations head for the Saudi Aramco Total Refining and Petrochemical Co, told Reuters by telephone. "It will save a lot of money."

Source: Reuters

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