ConocoPhilips stated “No plans to build new U.S. oil refinery”

July 6, 2009 by · Leave a Comment
Filed under: Commodities News 

With the environmental hurdles in the U.S. to open any sort of industrial plant, it is no surprise that this decision even if it has been made, will be publicly “no” to help manage expectations.  Another line of thinking is with the U.S. economy is shambles, demand for refined gas and diesel, will be reduced for the time being and that would mean there is adequate refining capacity in place to meet any demand needed.

News (Reuters):

ConocoPhillips Co said on Monday it was not building a new U.S. refinery despite a statement earlier from Russian partner LUKOIL on a joint investment.  “ConocoPhillips has no plans to build a new U.S. refinery,” said Janet Grothe, a spokeswoman for the company.

The Kremlin said on Monday, in documents prepared for the visit of President Barack Obama, that LUKOIL will invest in a new refinery on the U.S. East Coast with ConocoPhillips.

“The investment of the Russian company will be attracted for the construction of a new ConocoPhillips refinery in the U.S. eastern coast that will focus on processing Russian crude blends,” the documents said.  ConocoPhillips owns a 20 percent stake in LUKOIL, and together the two companies own an oil producing venture in Russia’s Arctic.

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