New global refinery plans

Refinery purchases
Husky Energy Inc., Calgary, Canada, has expressed interest in purchasing the Chevron Corp. Burnaby refinery if it decides to sell it. Husky Energy already owns a 12 000 bpd refinery in British Columbia and is keen to expand its assets in the area.

Russia and Poland are in talks to purchase PKN Orlen’s PKNA.WA Lithuania refinery. The refinery was purchased by PKN in 2006, however it has encountered many problems. If Russia does purchase the plant, it is possible that Russia will resume pipeline supplies to Lithuenia.

New refinery plans
PetroSA has warned that plans to construct the Project Mthombo refinery must be confirmed now or risk the plant not being feasible at all. The 400 000 bpd plant is to be located at Coega and cost approximately US$ 9 billion to construct. PetroSA have warned that the plans must be confirmed, as construction costs for the greenfield refinery will be too high once the global economy steadily begins to shred the effects of the recession.

Iran and Venezuela have announced plans to construct an oil refinery in Syria. The two countries have set up the joint venture VENIROGC and Syria and Malaysia have also expressed interest in the project. Also, as part of this refinery construction, the two companies have signed three memorandums of understanding for oil supply and have pledged to invest US$ 760 million in both energy sectors.

Iran has also announced plans to construct seven domestic refineries. The country has one of the largest known oil reserves, however it does not have enough processing capacity to meet demand and must rely on exporting its oil to the Gulf.

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