Ouch Kuwait.

Chevron not seeking new Kuwait refinery stake
Posted: Friday, September 29, 2006

Singapore

Chevron Corp is not pursuing a stake in Kuwait’s new $6 billion, 615,000 barrels per day (bpd) refinery, in which the Opec nation has said it will seek foreign investors, a senior company official said on Friday.

Asked whether the US major was interested in buying into the plant, global refining chief Mike Wirth told Reuters: “No, we’re not.”

Kuwait has said it will offer foreign investors up to 40 per cent of the plant, the biggest single newbuild refinery project in the world. It is due to be completed by 2010. -Reuters

Now thats an interesting turn of events. I have no clue what that would exactly mean for there plans, but I never thought a US oil company would ever say no to owning a part of Gulf Oil Refinary.

A guy who is just trying to enjoy life!

9 Comments

  1. this makes me think why, why would he turn the offer down? hmm…

    it seemed that he felt strongly about his decesion

  2. eeek… that is weird…

    but then there’s this whole movement in the US right now, they’re trying to limit dependence on foreign oil and instead create new, more efficient, more enviromentally friendly energy sources… and hence their disinterest…

    :D

  3. Laialy: I know what you mean, it seemed weird.

    cixousianpanic: I dont know if thats the reason, companis operate on profit and these companies will rob their grandmothers for money and jack up gas prices if possible. So it seemed very odd.

  4. Well, actually, the world’s largest grassroots refinery is to go live by 2008 in India with local giant Reliance Industries there, partnering with Chevron.
    Chevron has already picked up a 40pc. stake in this $7.5 billion mega-project.
    Kuwait has generally been too complacent and wayward in kicking off this project which might help explain the apathy from this Western oil major toward Kuwait.
    This news is giving a whole new meaning to the phrase,’Nero fiddled while Rome burned’.

  5. philosophy for dummies: that shines a light on the subject, thank you. Kuwait pretty much is slow on a lot of project.

  6. Purgatory

    That project will never be completed on time and per expectations and it can be the reason industry collapses

  7. mike is a pretty experienced guy….the reason is that chevron is not interested in a project thats not gonna make a big difference on the refining…..philosophy for dummies: Chevron picked 5 percent with the option to go up to 35 pecent.

    Kuwait needs a change….for eg: we are talking about North Kuwait Project from 1996!…come on! whats wrong we got to say on what mike said?

  8. moocherx

    did anyone know that Kuwait currently doesn’t refine a single drop of petroleum to international standards? the output gets exported to poor countries – it’s not good enough for European markets.

    And even in Kuwait, if you go somewhere like the Bayan petrol station, you’ll see the high performance petrol which has to be IMPORTED because it can’t be made here.

  9. moocherx: Damn I didnt even know that! So the refining process is that bad that its not getting done correctly! Thats horrible!

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