Saudi investors eye German refinery
Jeddah, May 4, 2011
A group of investors including a Saudi Arabian trust is interested in purchasing the Wilhelmshaven oil refinery in Germany put up for sale by US group ConocoPhillips, a German radio station reported on Wednesday.
ConocoPhillips said in July 2010 it would either sell the 260,000 barrel a day refinery or turn it into an oil distribution terminal as part of its strategy of cutting downstream operations and output had been stopped.
A bid for the refinery is being made by a consortium comprising former refinery chief Hans van Weelden, German businessman Carsten Hippenstiel and a Saudi Arabian trust, consortium spokesman Thomas Reiter told German radio NDR.
Reiter claimed the trust had links with the Saudi royal family. But the bank which was handling the refinery sale had declined talks about the consortium's offer, Reiter said.
The group was seeking further discussions, he told the radio station.-Reuters
More Energy, Oil & Gas Stories
- 40 Chinese firms to exhibit at energy summit
- More refinery closures on the cards for 2014: IEA
- Libya’s eastern oil ports likely to reopen Sunday
- Saudi plans to double power generation
- Iran decades away from becoming gas export giant
- Pakistan, Iran to speed up gas pipeline project
- Opec cuts output closer to 2014 demand
- Oil industry struggling to attract women, says survey
- Rolls Royce wins Abu Dhabi offshore deal
- Alternative energy strategies probed