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|| Saudi investors eye investment in German oil refinery

ConocoSaudiflag.jpgA Saudi Arabian trust is interested in purchasing the Wilhelmshaven oil refinery in Germany put up for sale by US group ConocoPhillips, broadcaster NDR reported on its website this month.

The prospective buyer, who has links to the Saudi king, is keen to process Saudi crude at the site and is pushing for talks with ConocoPhillips - Bloomgerg is reporting.

To see list of Saudi and other Middle Eastern investors, check our Middle East Investors Directory

More details follows from Reuters

A group of investors including a Saudi Arabian trust is interested in purchasing the Wilhelmshaven oil refinery in Germany put up for sale by US group ConocoPhillips, a German radio station reported.

ConocoPhillips said in July 2010 it would either sell the 260,000 barrel a day refinery or turn it into an oil distribution terminal as part of its strategy of cutting downstream operations and output had been stopped.

A bid for the refinery is being made by a consortium comprising former refinery chief Hans van Weelden, German businessman Carsten Hippenstiel and a Saudi Arabian trust, consortium spokesman Thomas Reiter told German radio NDR.

Reiter claimed the trust had links with the Saudi royal family. But the bank which was handling the refinery sale had declined talks about the consortium's offer, Reiter said.

The group was seeking further discussions, he told the radio station.



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