Post by Jake Kratovil on Jan 14, 2010 8:09:45 GMT -5
The Rabigh Oil Refinery and Petrochemical Complex, located on Saudi Arabia’s west coast, was knocked out of commission earlier today when a string of explosions ripped through the area, setting fire to thousands of barrels of unprocessed petroleum and throwing up clouds of noxious fumes into the sky. An unofficial report has already put the death toll in the hundreds and thousands more wounded. Even now, fires continue to rage uncontrolled throughout the complex, threatening to set off secondary explosions and cause further destruction. Employees described seeing smoke coming from one of the smaller refining centers before it went up in flames, followed quickly by explosions further into the compound. Officials have speculated that the blast hit the main petrol line, sending fire down to adjacent refining centers. Though no one has claimed responsibility for the attack, rumors are already running rampant of Al Queda as the culprit. The Saudi Government is calling the disaster the “worst breach of security in our nation’s history.”
Rabigh is responsible for pumping out 480,000 barrels of oil a day, and was a joint business venture between Saudi Arabia and Japan. Japan currently receives 30% of its oil from the Kingdom. This combined with the recent attack on the Jeddah Hilton Hotel has already led to speculation within the oil market, producing a spike in world oil prices.
Rabigh is responsible for pumping out 480,000 barrels of oil a day, and was a joint business venture between Saudi Arabia and Japan. Japan currently receives 30% of its oil from the Kingdom. This combined with the recent attack on the Jeddah Hilton Hotel has already led to speculation within the oil market, producing a spike in world oil prices.