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Saudi Arabia to double its oil refining capacity
AFP ^ | February 15, 2006

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.


TOPICS: Foreign Affairs; Front Page News
KEYWORDS: energy; oil; saudiarabia
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1 posted on 02/14/2006 8:37:26 PM PST by jmc1969
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To: jmc1969

All the talk about Ethanol is what brought this about


2 posted on 02/14/2006 8:39:31 PM PST by MJY1288 (THE DEMOCRATS OFFER NOTHING FOR THE FUTURE AND THEY LIE ABOUT THE PAST)
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To: jmc1969
The OPEC kingpin's "main goal is the stability of world oil markets to head off the drive for alternative fuels.
3 posted on 02/14/2006 8:39:52 PM PST by Spirochete
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To: jmc1969
The OPEC kingpin's "main goal is the stability of world oil markets

Ha. The main goal is to keep the west from developing alternative fuel sources.

4 posted on 02/14/2006 8:40:51 PM PST by Nachum
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To: jmc1969

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? ;)


5 posted on 02/14/2006 8:42:40 PM PST by Darkwolf377 (An agnostic for religious freedom, not Islamofascistic multiculti PC secularism)
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To: jmc1969
The OPEC kingpin's "main goal is the stability of world oil markets.

...should something unforeseen and nasty happen, say, to Iran's oil production...

6 posted on 02/14/2006 8:45:19 PM PST by Billthedrill
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Comment #7 Removed by Moderator

To: jmc1969; All

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.


8 posted on 02/14/2006 8:53:03 PM PST by Rick_Michael
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To: jmc1969
Excellent! This will be also great business for our company that provide instrumentations for refineries and other gas and oil industries.
9 posted on 02/14/2006 8:53:42 PM PST by jveritas (Hate can never win elections.)
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To: Rick_Michael
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.

Ditto!

10 posted on 02/14/2006 8:54:59 PM PST by Fiddlstix (Tagline Repair Service. Let us fix those broken Taglines. Inquire within(Presented by TagLines R US))
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To: MJY1288
All the talk about Ethanol is what brought this about

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.

11 posted on 02/14/2006 9:13:56 PM PST by Cobra64
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To: Rick_Michael

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.


12 posted on 02/14/2006 9:19:11 PM PST by Cobra64
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To: jmc1969

Looks like the Saudi's have bought off enough US politicians to do their bidding. Here's a little payback.


13 posted on 02/14/2006 9:19:14 PM PST by zarf (It's time for a college football playoff system.)
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To: Cobra64

I suppose you could be correct, I'm just guessing


14 posted on 02/14/2006 9:23:20 PM PST by MJY1288 (THE DEMOCRATS OFFER NOTHING FOR THE FUTURE AND THEY LIE ABOUT THE PAST)
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To: zarf

If they double the output, will they half the cost - or leave it at $60+ a barrel?

F'em....

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....

Semper Fi


15 posted on 02/14/2006 9:25:39 PM PST by river rat (You may turn the other cheek, but I prefer to look into my enemy's vacant dead eyes.)
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To: Cobra64
"A neighbor is a chemist for Amoco, and he laughs at the "ethenol panacea" advocates."

A neighbor is a corn farmer in Iowa, and he laughs at Amoco
ethenol doomsdayers.
16 posted on 02/14/2006 10:34:41 PM PST by toomanylaws
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To: toomanylaws
A neighbor is a corn farmer in Iowa, and he laughs at Amoco ethenol doomsdayers.

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.

17 posted on 02/14/2006 10:51:58 PM PST by Cobra64
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To: Cobra64

Because of Al Gore.. Thank you Mr Ex Vice Asshole...


18 posted on 02/14/2006 10:54:11 PM PST by lndrvr1972 (N)
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To: lndrvr1972

What I meant to say is that his visit helped us poor Americans...


19 posted on 02/14/2006 10:55:29 PM PST by lndrvr1972 (N)
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To: Spirochete

bingo.

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.

http://biz.yahoo.com/bw/060214/20060214005591.html?.v=2

http://finance.yahoo.com/q/bc?s=FWLT&t=1y



20 posted on 02/14/2006 11:11:44 PM PST by Proud_USA_Republican (We're going to take things away from you on behalf of the common good. - Hillary Clinton)
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