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Conoco Pulls Out of Saudi Refinery Project - ASHARQ AL-AWSAT English Archive
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NEW YORK, (Reuters) – Oil giant ConocoPhillips said it pulled out of a project to build a new refinery with Saudi Aramco in Saudi Arabia, citing its strategy to reduce its refinery operations.

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

Conoco, like other major oil refiners, has seen profits shrink at the plants that turn crude oil into gasoline and diesel fuel as the global economic slowdown has eroded demand.

“We ultimately decided this project was not consistent with our current strategy to reduce our downstream footprint,” Willie Chiang, senior vice president for refining, marketing and transportation, said in a statement.

Last week, Conoco sold its stake in a Canadian oil sands project to China’s Sinopec for $4.65 billion as part of its program to sell $10 billion in assets to help reduce its heavy debt burden.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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