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OPEC official: Oil companies should use profits to invest in refineries - ASHARQ AL-AWSAT English Archive
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RIMINI, Italy- A top OPEC official said Sunday that oil companies with surging third-quarter profits should use the money to increase their refining capacity and help ease pressure on oil prices, AP reported.

&#34This is a chance for them to invest,&#34 said Adnan Shihab-Eldin, acting secretary general of the Organization of Petroleum Exporting Countries.

&#34We believe that they should definitely make an effort to invest in the downstream in trying to resolve the bottlenecks,&#34 caused by rapidly expanding demand, Shihab-Eldin said during a conference here on long-term issues of energy supply.

Several major oil companies reported third-quarter profits this week.

&#34We”ve been saying this past year that refining has to increase,&#34 Shihab-Eldin said. &#34There needs to be more refining and upgrading.&#34

Concerns about refining capacity, heightened by the devastation wrought in the U.S. by hurricanes Katrina and Rita, have recently kept the price of oil above US$60 a barrel.

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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