|Chevron's Long Awaited Strategic Plan Appears to Preserve Richmond Refinery
March 9, 2010
An optimistic report entitled “Chevron Well-Positioned for Future Growth” emphasizes the corporation’s upstream success and hinted that European and Hawaii downstream operations might be sold (Chevron Well-Positioned for Future Growth)
Commenting on plans to deal with a challenging environment, Wirth stated, "Downstream market conditions are likely to be difficult for the next several years. We intend to further concentrate our downstream portfolio in North America and Asia-Pacific. These are markets in which we have our greatest competitive strength. We are also rapidly and aggressively lowering costs, reducing capital spending, improving efficiency and simplifying our organization."
Dow-Jones Refinery Newswire (http://news.morningstar.com/newsnet/ViewNews.aspx?article=/DJ/201003080844DOWJONESDJONLINE000189_univ.xml) reports, “Pre-commercial heavy oil [Pascagoula] Miss. conversion project delayed from 2008 to 2010 due to economic factors.” It had been speculated that the Pascagoula project was intended as a precursor to an expanded heavy oil processing capability at Richmond, which is at the heart of the so far successful legal challenge to the Energy and Hydrogen Renewal project EIR. Chevron’s 2009 Annual Report noted: “"We anticipate sanctioning four more projects this year, all with 2010 startups," Wirth said. "These include the crude flexibility project at Richmond, yield improvement projects at El Segundo and in South Korea, and the heavy-oil pre-commercial project at Pascagoula, Mississippi."
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