ConocoPhillips withdraws from Saudi refinery project

22 Apr 2010

(MENAFN) ConocoPhillips announced that it has pulled out of a Saudi project to build a new refinery with Saudi Aramco, as part of the firm’s plans to reduce its refinery operations, Reuters reported.

The planned refinery was expected to be built by the two oil giants in Yanbu Industrial City and to have a processing capacity of 400,000 barrels per day.

Conoco has seen profits declining at its plants that turn crude oil into gasoline and diesel fuel, as the global economic turmoil has eroded demand, the firm said in a statement.

Senior vice president for refining, Willie Chiang, said that the company decided that this Yanbu refinery is not consistent with its current strategy to lessen its downstream footprint.

Saudi Aramco confirmed that it had received a formal written notice from ConocoPhillips of pulling out of the new Yanbu export refinery project.

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