Saudi Arabia interested in building new US refinery capacity

Sep 23, 2005 02:00 AM

Saudi Arabia is a willing and eager partner with potential investors interested in building new refining capacity, particularly in the United States.
"The consumers are clamouring for more fuel, which cannot be supplied due to a lack of refining capacity," Saudi Foreign Minister Prince Saud Al Faisal said in an address at Rice University in Houston, parts of which were in the process of evacuating ahead of Hurricane Rita.

"We are in the process of establishing two new refineries with capacity of 800,000 barrels (of crude processing) a day in Saudi Arabia," said Prince Saud. "We invite all investors to join with us to build additional refineries and expand existing ones."
Motiva Enterprises, a US joint venture between Shell Oil and Saudi Refining, said it was considering options to boost refining capacity. The company said it was looking at ways to increase production of transportation fuels at its network of refineries in the US Gulf Coast.

Projects under consideration include those that would yield 100,000 to 325,000 bpd, the company said. The refineries are in Port Arthur, Texas, and Convent and Norco in Louisiana.
"We are ready to join in any efforts in building facilities in the US," Prince Saud said, adding that additional oil production will do little to quell prices unless refined product bottlenecks are resolved.

Source: Gulf Daily News
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