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OPEC to invest US$ 40 billion in refineries

Hydrocarbon Engineering,

Members of the Organisation of Petroleum Exporting Countries have announced that they will be investing approximately US$ 40 billion in refineries over the next 10 years. During 2009 30 projects came online in OPEC member countries and the organisation expect 140 projects to be online within the next 5 years.

The organisation believes that the development of these projects will meet increases in demand for OPEC crude. However, it is being argued that these investments could lead to an increase in unneeded capacity.

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