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Conoco out of Fujairah project
- United Arab Emirates: Sunday, September 16 - 2007 at 15:04
US firm ConocoPhillips has ended its involvement in a 500,000 barrels per day (bpd) refinery project alongside Abu Dhabi's International Petroleum Investment Company (IPIC) in Fujairah due to increasing costs eating into possible profit margins, according to our sister publication Meed. Both Conoco and Saudi Aramco are considering scrapping a similar 400,000 bpd refinery in Yanbu for the same reason and have held talks over the project's viability.
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Jonathan Sheikh-Miller, Deputy EditorSunday, September 16 - 2007 at 15:04 UAE local time (GMT+4)
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