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Refiners step up investments to reap windfall from cheap crude

US Gulf Coast refiners are planning to invest billions of dollars in refinery expansions and upgrades to capitalize on the abundance of cheap Permian Basin crude oil supplies. ExxonMobil is building a new unit at its Beaumont, Texas, refinery to increase its light crude processing capacity by around 250,000 barrels per day, while Chevron has said it may purchase or build a refinery in the Houston area to handle the company's sizable Permian output.

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