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Old Sep 28th 2009, 08:03 PM
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Default Re: Irving Oil to build new refinery

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Originally Posted by Americano View Post
China is. And they're concentrating on heavy crude refineries.
1. With state authority doing the capital allocation game, there is no consideration for return on investment. That's why USSR ended up with so many excess steel mills back in the 1960s. They just don't pay attention to that economic metric.

2. From China's perspective, oil refining would be a medium term strategic interest that is entirely controled by (potentially hostile) foreigners.

On this basis, it makes perfect sense that the Chinese would build such refineries.

At the same time, it makes no sense for anyone else to do so.
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