Posted By:Sharon Epperson
10 January 2007
Royal Dutch Shell execs have been talking about the impact of high oil prices on future energy projects–but the company continues to press on with plans despite headwinds facing the sector.
“Increasing supply is best way to affect the price,” says Shell Oil President John Hofmeister.
That’s what the company’s expansion plans for its Port Arthur, Texas refinery are all about. Last month, Motiva–Shell’s joint venture with and Saudi Arabia’s state-owned oil company–broke ground on the $7 billion project that will double the size of that refinery to 600,000 barrels per day. It’ll be the largest in the nation when it’s finished, perhaps by 2010.