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Conoco and Foster Wheeler are to start work on the development of a new combined heat and power plant at South Killingholme, which will employ up to 500 construction workers and is due for completion in 2004.
Conoco is to sell its chain of 175 directly-owned Jet petrol stations to Fuelforce of Swindon for undisclosed terms, but will continue to supply the sites from its Humber Refinery at Killingholme.
Conoco is planning to invest about £600m in the UK sector of the North Sea over the next two years, securing hundreds of jobs in Aberdeen and Great Yarmouth.
Conoco has won government approval for a £300m project on the Humber Bank, which will include a new 475MW gas-fired power plant and should attract companies looking for cheaper power to the area.
Conoco is to invest more than £10m in new energy infrastructure on the South Bank of the Humber, in order to supply local industry with steam and electricity from its proposed new gas fired combined heat and power plant at Killingholme.
Conoco is seeking government permission to build a power plant at Killingholme near Grimsby, with the creation of 35 permanent jobs.