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Ouch Kuwait.

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


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.