HOUSTON, April 21, 2010 --- ConocoPhillips [NYSE:COP] has informed the Saudi Arabian Oil Company (Saudi Aramco) it will end participation in the new refinery project being built in Yanbu Industrial City.
“The quality of Saudi Aramco as a partner and significantly reduced capital costs from the recent re-bidding process made it a very difficult decision for us,” said Willie Chiang, senior vice president, Refining, Marketing and Transportation, ConocoPhillips. “We ultimately decided this project was not consistent with our current strategy to reduce our downstream footprint. We value and look forward to continuing our relationship with Saudi Aramco.”
This rocks my world. It means we are NOT going where we thought we were going. Back to not-knowing. Breathe.