Chevron Declines Stake In $6 Billion Kuwait Plant
Chevron Corp. rules out investing in a $6 billion Kuwaiti oil refinery (LINK).
From the Reuters Wire:
Chevron Corp is not pursuing a stake in Kuwait's new $6 billion oil refinery......Asked whether the US major was interested in buying into the plant, Global Downstream Chief Mike Wirth told Reuters: "No, we're not."
Ouch.
read the 1st paragraph:
http://news.yahoo.com/s/afp/20061001/bs_afp/kuwaitoilrefinerysaudi_061001121655
and you'll know why ;)
Thanks Fawaz. Good article. The plot thickens. I'll post it as a thread.
But I fear there is more to Chevron's refusal than the Zoor area itself.
The Texaco executive wrote to the Kuwaiti Municipality protesting the refinery location. Good luck with that...
Fawaz...not exactly...chevron is eyeing for huge projects that makes a big impact in refining like they managed in reliance petroleum in india...and also because of the big delays kuwait is having approving a project...for eg: we are talking about north kuwait project for quite a long time...since 1996?