OPEC members vow to build refineries to help meet soaring demand for gasoline

OPEC members said they plan to spend more to build oil refineries to help meet the fuel demand that has propelled gasoline pump prices to records. Kuwaiti Oil Minister Sheikh Ahmad Fahd al-Sabah yesterday said he got a “positive” response from U.S. states to build a refinery there. Qatar announced plans to triple its refinery capacity by 2010, in part through a US$1.8-billion project. Existing oil refineries around the world are struggling to keep pace with surging demand for diesel, gasoline and jet fuel. At least 10 new plants are being planned in OPEC countries, increasing global refining capacity by 2.4 million barrels of oil a day, or 2.8%, by 2011. World crude oil prices have doubled in the past two years.