Great! Then they will cut the prise to $30 a barrel, eh?
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.
Bingo! All of the EEEEVIL oil companies have wanted to do this for the last 30 years! If you want to make a difference, just dial 1-800-DEMO-CRAT. These pukes are the anethema of success in this country. Democrats thrive on other's failures.
Democrats hate success. They hate anything that is good for America. /rant - I'll move to the topic at hand. We should start building Nuclear Power Production plants at the same time.... Well, see above.
Great! Then they will cut the prise to $30 a barrel, eh?
They're getting very nervous. That's a very good, telling sign.
No, the goal is keeping the West from developing alternative sources.
An unmentioned factor here, is the oil shale fields of our country. At current price levels of a barrel of oil that shale is getting more and more reasonable to go after. The Saudis are aware of this fact.
You should inform your neighbor that his employer hasn't existed for years.
Well, I'm no expert, but it seems to me that we're not just pumping crude out of the ground straight into our gas tank, either. Do all of those oil refineries run without using any energy?
This story is about doubling gasoline production, not doubling oil production.
Instead of exporting oil to us, they can export gasoline and make the refining profit as well.
You're right..
I need to read more carefully...the word "refining" went right past my old eyes...
Thanks for the correction...
Semper Fi
No, the lack of refining capacity in this country has helped bring this about. Instead of selling us the raw product, they can take additional profit on the refining as well. More jobs lost, more profit sent elsewhere.
This is not pumping any additional oil. This is taking the oil they normally sell and refining it. Then the refined product is sold at a higher value.
Well, duh. He's retired.
You're preaching to a guy who is married to a woman who has been in the oil industry since 1970. She spent 20 years at Texaco's World Headquarters working for senior executives in various capacities including refining and manufacturing in Europe.
We lived in CO during the 1970s. We are very aware of the oil shale on the Western Slope. During the Carter years, some of the majors had started setting up facilities to extract the shale for further refining. Even the ads on tv showed a guy burning a piece of shale.
But you still did not answer my question. Do the refieries that turn oil into gasoline not also use energy to do so?
Yes they do. Take a physics class.
It takes a lot more energy. How much more is debated, but far more energy than refining.
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