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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




Tags: ConocoPhillips | Germany | Saudi Arabian |

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