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.
16 Mar 2023
BBK partners with Four Seasons Private Residences Bahrain Bay to offer ownership financing for 112 waterfront homes.
01 Mar 2023
You could be the next lucky winner.. BBK: BD 1.9 million prizes from Al Hayrat this year
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more