The company said that this action is consistent with the recent announcement that its capital budget for 2010 will be reduced from current levels to improve financial flexibility and better balance expenditures and resources.

The project is intended to upgrade the Wilhelmshaven facility into a premier European refinery by improving diesel output from the refinery while equipping it to process less expensive crude.

Certain procurement and permitting activities currently in progress are expected to be completed to allow a smooth restart of the project at the appropriate time, the company added.

A service of YellowBrix, Inc.