Skip to comments.Saudi Arabia to double its oil refining capacity
Posted on 02/14/2006 8:37:24 PM PST by jmc1969
Saudi Arabia plans to double its oil refining capacity to six million barrels per day (bpd) within five years, Oil Minister Ali al-Nuaimi said Tuesday. The OPEC kingpin's "main goal is the stability of world oil markets.
It is currently working on huge oil projects, including raising crude oil production capacity and doubling the capacity of oil refineries to six million bpd within the next five years," the state SPA news agency quoted him as saying.
Nuaimi made his remarks during a meeting with visiting Dutch Foreign Minister Bernard Bot.
Riyadh's objective is to "meet the world's increasing demand for oil," Nuaimi said.
Nawaf Obaid, managing director of Saudi National Security Assessment Project, a government consultancy, told an oil conference in September the kingdom has earmarked $20 billion for the upgrade project.
The program would boost the capacity of eight refineries Riyadh owns inside and outside Saudi Arabia within five years, besides building new refineries locally and abroad, he said.
The Saudi and Dutch ministers discussed the importance of ensuring secure oil supplies and cooperation between their two countries in oil matters, including joint investments, SPA said.
Saudi Arabia currently has a refining capacity of around 3 million bpd through facilities both at home and overseas, of which around 2 million bpd are produced in the kingdom.
The Gulf kingdom plans to hike its output capacity from the current 11 million bpd to 12.5 million bpd in 2009.
All the talk about Ethanol is what brought this about
Ha. The main goal is to keep the west from developing alternative fuel sources.
I guess that ignorant dummy Bush, who had the DUmmies mocking him and some here outraged at his talk of alternative fuels, has stumbled again, eh? ;)
...should something unforeseen and nasty happen, say, to Iran's oil production...
They've been doing this for some time. Every time there talk about alternatives they start pumping out more. Keep talking, and keeping going for it, I say.
Doubt it. It takes energy to produce ethenol. Where does that come from. A neighbor is a chemist for Amoco, and he laughs at the "ethenol panacea" advocates.
The Saudis are going to increase output to market their product to China, India, and Japan.
OPEC has been playing games with us since the 1970s. My wife worked for Texaco in their World headquarters fo 30 years. I've heard more oil "war stories" than anyone here could ever imagine. She worked in planning, exploration, marketing, the tax and legal departments, and wrote speeches for DeCrane, Kinnear, Hicks and Jeitz. We hosted soirees for Managing Directors for the Dutch, Spain, and the Swedes for the Texaco President's Award.
Looks like the Saudi's have bought off enough US politicians to do their bidding. Here's a little payback.
I suppose you could be correct, I'm just guessing
If they double the output, will they half the cost - or leave it at $60+ a barrel?
Lets drill our own... right off the Kalifornicate coast and anywhere in Alaska we can find it...
We should start building Nuclear Power Production plants at the same time....
Well it takes energy to transform corn into a fuel combustion product that will ignite a combustion engine. Some folks need to take a high school physics class.
Because of Al Gore.. Thank you Mr Ex Vice Asshole...
What I meant to say is that his visit helped us poor Americans...
But in the meantime, I own Foster-Wheeler stock and they will be bidding on parts of these projects.
They just landed this deal with SA as well.
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