Frost & Sullivan: European refineries face more turmoil

02/06/2012
The pending bankruptcy of refiner Petroplus is only the start of further problems for nearly 40% of the European Union's 104 refineries now in need of refurbishment, according to a new consultancy report. "Demand for crude oil products is increasingly volatile, and many refineries do not have the flexibility to accommodate this more rapidly changing demand," said energy consultant Enguerran Ripert of Frost & Sullivan. "Beyond the structural issues, many owners need access to credit lines, which in the case of Petroplus amounted to €2.4 billion, to carry on doing business in the short term," Ripert said. European refineries' capacity utilization consistently decreas...
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