Shell, Saudis to Spend $7 Billion on Texas Refinery

Discussion in 'Wall St. News' started by ASusilovic, Sep 21, 2007.

  1. Anybody afraid of Saudis dumping Dollars ?! No, by contrary they "repatriate" it into U.S. economy !!!! :D :D :D

    Royal Dutch Shell Plc and Saudi Arabia agreed to spend $7 billion to more than double the size of their refinery in Texas, in the biggest expansion the U.S. has seen for three decades.

    The joint venture, Motiva Enterprises LLC, will expand the Port Arthur oil refinery by 325,000 barrels a day, making it the largest in the U.S., by 2010. The facility will process 600,000 barrels a day of crude oil, Motiva said today in a statement. In April last year, the cost was estimated at more than $3 billion.

    Shell will go ahead with the project, betting that refining profit will surpass the escalation in costs. Hurricanes that damaged Gulf coast plants in 2005 prompted President George W. Bush to pledge measures including tax breaks to spur construction and ease reliance on gasoline imports.
  2. Thicker-than-Oil-Americas-Partnership :p :p=>


    Ibn Saud converses with American President Franklin Roosevelt (right) onboard the USS Quincy after the Yalta Conference