2 March 2012
The outgoing Executive Director of Shell Petroleum Development Company (SPDC), Malcolm Brinded on Friday said the company cannot build a refinery in
because there are surplus refineries across the world. Nigeria
Mr Brinded, who is in-charge of the Upstream International unit of Shell, said this in an interview with the State House correspondents, after a farewell visit to President Goodluck Jonathan at the State House.
The out-going Shell Director, who led a delegation to the State House, Abuja, said rather than build new refineries, the company was divesting from those it had interest in around the world.
“With respect to downstream, two comments there. Shell is divesting from refineries all over the world because there is a surplus of refineries; we no longer own any refineries even in the
. United Kingdom
“I will also say because of the surplus of refineries available in a way, one has to look very closely whether building new refineries is a good investment for anyone not just for Shell but for countries involved.
“In today’s world, not looking at the past but where we are today, there is surplus of refinery capacity which essentially means many refineries in the world run at a loss.