ConocoPhillips has announced that scheduled upgrades to a German refinery have been postponed.

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The Wilhelmshaven site produces 260,000 barrels of oil per day and provides various energy vacancies in the region.

But the company said the delay was consistent with measures aimed at improving financial flexibility and balancing resources.

"This is the right project for Wilhelmshaven, but not now," explained senior vice-president of refining, marketing and transportation Willie Chiang.

He added that the investment, which is intended to upgrade the site by improving diesel output and giving it the means to process less expensive crude, will be re-evaluated as and when market conditions warrant.

Earlier this year, ConocoPhillips announced it had entered into joint venture and field entry agreements with Abu Dhabi National Oil Company to work on the Shah Gas field, with interest split between the organisations 60 per cent and 40 per cent respectively.