ConocoPhillips to purchase refinery

[Anonymous]

ConocoPhillips announced it would buy the German Wilhelmshaven refinery by first half of 2006 & as part of its aggressive global refining capacity expansion plans, invest in crude processing flexibility & cost.  (The terms of the acquisiton were not disclosed but ConocoPhillip’s has said it will pay cash.)

Included in COP’s $5 billion expansion plans for 2006-2011 are several US refinery coker expansions. The crude processing flexibility investments for Wilhelmshaven may eventually require a new coking unit as well, since several of the other large successful German refineries like Lingren, Mineraloe, OMV & Gelsenkirchen already have coking units.  Those German refineries much like ConocoPhillip’s Humber refinery have a higher level of complexity and lower operating cost compared to their other European counterparts.

Regards
Charlie Randall
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NEW YORK (Reuters) – Oil major ConocoPhillips on Friday said it would buy a German refinery for cash in a move that would increase its European refining capacity by about 74 percent.
The company said the deal with British-based Louis Dreyfus Energy Holdings Ltd. for the Wilhelmshaven refinery should be completed in the first half of 2006. Other terms were not disclosed.
Conoco has laid out aggressive plans for expansion of its global refining capacity, telling investors last week it would spend as much as $5 billion between 2006 and 2011 to boost capacity and utilization.
The company said it wanted to invest in the German plant so it would be able to process different types of crude while decreasing operating costs. Wilhelmshaven currently has a capacity of 275,000 barrels per day.
With the purchase, Conoco said its European refining capacity would rise to 647,000 barrels per day.

[Anonymous]

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[Anonymous]

Chevron is about to trump everything we know about refining.
It will be interesting to see how the other majors react.

[Author]

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