ConcocoPhillips Scraps Wilhelmshaven Refinery Upgrade

ConocoPhillips has cancelled plans to upgrade the Wilhelmshaven refinery in Germany.

The refinery, which is situated in northwest Germany, has a capacity of 15.1 million tonnes of crude feed per year. Crude oil is processed into petroleum products including propane, butane, petrol, diesel or light fuel oil.

The facility has eight processing units and five additional plant sections, 33 floating roof tanks, 20 rigid roof tanks and nine liquefied petroleum gas spheres.

The product tanks are provided with floating roofs and have twin seals to minimise the evaporation of hydrocarbons into the atmosphere.

The decision will require the firm to recognise a non-cash asset impairment of about $1.1bn in its second quarter financial results.