Well its ABOUT time! I’m actually quite surprised that its Shell Oil Co. that is making this announcement. Usually in my mind, Shell is the company that tried to run up prices. For them to make a comment that they’re close on doubling capacity at a refinery, you know they must be raking in the money.
Here is the story from Reuters:
NEW ORLEANS, Sept 18 (Reuters) Shell Oil Co. President John
Hofmeister said conditions are favorable for an increase in
refining capacity as the company moves closer to a decision on
doubling the size of a joint-venture refinery in Texas.
“We make long-term decisions,” Hofmeister said. “We think
that the long-term supply relationship with the marketplace
says it’s now time for more manufacturing capacity.”
Shell has said it and joint-venture partner Saudi Refining
plan to decide by the end of the year on increasing refining
capacity at the 285,000 barrel per day (bpd) Motiva Enterprises
refinery in Port Arthur, Texas, to 600,000 bpd.
The boards of directors of both companies will have to sign
off on the expansion, which the company hopes to finish by 2010,
but which will affect its future for 25 to 30 years, he said.
We’ll see if it materializes, and if it does… WOW… it’d be (I believe) the largest refinery in the U.S.
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