SOURCE: Industrial Info Resources

July 14, 2008 07:30 ET

North American Petroleum Refining Project Investments up 240% From 2007, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - July 14, 2008) - Researched by Industrial Info Resources (Sugar Land, Texas) -- With the price of crude oil as high as $147 a barrel these days and all the pessimistic news about the economy, one might be surprised to see that certain facets of the construction industry are still booming. As of July 7, there were 444 projects in the Petroleum Refining Industry that have kicked off this year or will start construction before year's end at North American refineries. The total investment value for all projects in this industry is more than $34 billion, which is up $24 billion, or 240%, compared with 269 projects worth about $10 billion in 2007. The Great Lakes region accounts for the largest amount of investments this year with $5.94 billion, mainly due to six projects at the Detroit Refinery. Detroit's division of Marathon Oil Corporation (NYSE:MRO) (Houston, Texas) has awarded the engineering, procurement and construction contract for the projects to a Fluor Corporation (NYSE:FLR)(Irving, Texas) subsidiary based in Aliso Viejo, California.

For details, view the entire article by subscribing to Industrial Info's Premium Industry News at http://www.industrialinfo.com/showNews.jsp?newsitemID=135412, or browse other breaking industrial news stories at www.industrialinfo.com.

Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services. For more information, send inquiries to refininggroup@industrialinfo.com or visit us online at www.industrialinfo.com.

Related News Articles

StatoilHydro Selects Contractors to Perform Front-End Engineering Design for Phase I of Proposed Alberta Bitumen Upgrader

North American Project Spending Index for January Indicates 36% Growth in 2008

Crude Unit Additions Could Add 4 Million Barrels of Capacity at North American Refineries

Contact Information

  • Contact:
    Joe Govreau
    713-783-5147