23-09-05
Saudi Arabia is a willing and eager partner with potential investors
interested in building new refining capacity, particularly in the United States.
"The consumers are clamouring for more fuel, which cannot be supplied due to a
lack of refining capacity," Saudi Foreign Minister Prince Saud Al Faisal said in
an address at Rice University in Houston, parts of which were in the process of
evacuating ahead of Hurricane Rita.
"We are in the process of establishing two new refineries with capacity of
800,000 barrels (of crude processing) a day in Saudi Arabia," said Prince Saud.
"We invite all investors to join with us to build additional refineries and
expand existing ones."
Motiva Enterprises, a US joint venture between Shell Oil and Saudi Refining,
said it was considering options to boost refining capacity. The company said it
was looking at ways to increase production of transportation fuels at its
network of refineries in the US Gulf Coast.
Projects under consideration include those that would yield 100,000 to
325,000 bpd, the company said. The refineries are in Port Arthur, Texas, and
Convent and Norco in Louisiana.
"We are ready to join in any efforts in building facilities in the US," Prince
Saud said, adding that additional oil production will do little to quell prices
unless refined product bottlenecks are resolved.
Source: Gulf Daily News