Number of Delayed and Canceled Refining Projects Likely to Jump Considerably in 2009

Industrial Info Resources ^ | Jan 15, 2009 | Joe Govreau

[thackney]

Researched by Industrial Info Resources (Sugar Land, Texas) -- In light of the economic downturn and plunging price of crude oil, North American refiners are scaling back spending considerably. For 2009, Industrial Info is tracking 595 active projects worth $26.27 billion scheduled to begin construction throughout the year. However, the uncertainty of the economy is forcing refineries across the continent to delay projects in order to spread out costs, or put them on hold or cancel them all together. Companies that could delay, suspend or cancel projects include ConocoPhillips (NYSE:COP) (Houston, Texas), ExxonMobil Corporation (NYSE:XOM) (Irving, Texas) and Valero Energy Corporation (NYSE:VLO) (San Antonio, Texas).

[El Laton Caliente]

I work for an Industrial Fabrication, Construction and Maintenance Contractor. I know of over 150 Million Dollars worth of work we have had canceled since this started a few months ago. One client has gone bankrupt and at least two more are very close...

[DoingTheFrenchMistake]

Still baby, still!

[thackney]

It would be more funny if it wasn't so true...

[El Laton Caliente]

I have identified with Dilbert after having lived it so long...