European refiners re-adjust margins strategy
Journal Article
·
· Fuel Technology amp Management
OSTI ID:457908
- ed.
Refiners in Europe are adjusting operating strategies to reflect the volatilities of tight operating margins. From the unexpected availability of quality crudes (e.g., Brent, 0.3% sulfur), to the role of government in refinery planning, the European refining industry is positioning itself to reverse the past few years of steadily declining profitability. Unlike expected increases in US gasoline demand, European gasoline consumption is not expected to increase, and heavy fuel oil consumption is also declining. However, diesel fuel consumption is expected to increase, even though diesel processing capacity has recently decreased (i.e., more imports). Some of the possible strategies that Europeans may adapt to improve margins and reduce volatility include: Increase conversion capacity to supply growing demand for middle distillates and LPG; alleviate refinery cash flow problems with alliances; and direct discretionary investment toward retail merchandising (unless there is a clear trend toward a widening of the sweet-sour crude price differential).
- OSTI ID:
- 457908
- Journal Information:
- Fuel Technology amp Management, Journal Name: Fuel Technology amp Management Journal Issue: 3 Vol. 6; ISSN 1087-4003; ISSN FTMAFH
- Country of Publication:
- United States
- Language:
- English
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