Lyondell Houston refinery cutting Venezuelan crude use
HOUSTON, March 13
HOUSTON, March 13 (Reuters) - LyondellBasell Industries NV cut the use of heavy sour crude oil from Venezuela by about 36 percentage points between 2009 and 2012 at its 268,000 barrel per day (bpd) Houston refinery, the company said in a presentation to Wall Street analysts on Wednesday.
The company is spending $50 million to nearly triple its capacity to run heavy Canadian crude at the Houston refinery from 60,000 bpd to 175,000 bpd. The overhaul to convert a crude distillation unit and a coking unit for crude from Canada's tar sands fields is "just finishing up," said Chief Executive Jim Gallogly
A pipeline between Canada's tar sands oil fields in Alberta to the U.S. Gulf Coast could offer transportation cost savings of up to $200 million over shipment by rail, Lyondell said. Pipeline shipment would cost $8 per barrel, while rail shipping would run between $15 and $16 a barrel.
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.