Saudi Aramco, Total to go ahead with new refinery

DUBAI, May 14 (Reuters) - State oil giant Saudi Aramco and France's Total (TOTF.PA) have decided to go ahead with plans to build a new 400,000 barrels per day refinery in Saudi Arabia, Aramco and Total said in a joint statement on Wednesday.

The refinery will start up at the end of 2012, the companies said. Aramco will own 62.5 percent of the plant, and Total 37.5 percent.

Aramco will later offer 25 percent to the Saudi public, leaving both Aramco and Total with an equal 37.5 percent share in the plant.

(Reporting by Simon Webb, editing by John Irish)