Rochelle Toplensky, Wall Street Journal, has a nice piece on the future of refineries, here…
”Europe’s fleet is owned by everyone from the major oil companies to local companies. The region’s youngest refinery was built 45 years ago, and while many have been upgraded, new designs are cheaper and more efficient. European refineries are already running at their minimum capacity, says Raul Alcamo of consulting firm Energy Aspects. He estimates that the world needs a 10% capacity cut, yet more new refineries are in the works, primarily in China and the Middle East. The pressure to shutter developed-world capacity will only grow.”
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