ConocoPhillips plans to upgrade its Wilhelmshaven refinery have been cancelled, and the US third largest oil company may sell the 260,000-barrel-a-day plant or convert it to a fuel terminal.
ConocoPhillips does not plan to resume making fuel at the plant because of economic conditions, spokesman Bill Stephens says.
The news comes after a 1 May fire and $1.1 billion (850 million) in Q2 costs to reflect a drop in the value of the plant.
ConocoPhillips joins refiners including Shell, Total, and Petroplus Holding in closing or converting plants amid declining European demand for fuels such as petrol and diesel.
Petroplus and Total halted refining operations at Teesside in the UK and Dunkirk in France, respectively. Shell, which is trying to sell its Heide and Hamburg plants in Germany and its Stanlow complex in the UK, plans to convert its Montreal refinery to a fuel terminal.