Refining industry to sustain strong margins through 2004

California refineries, such as Valero Corp.'s Wilmington plant on the facing page, are mandated to use non-MTBE oxygenates starting on Jan. 1, 2004. Photo courtesy of Valero Corp. Click here to enlarge imageRefiners enjoyed much-improved margins in 2003 compared to 2002. Many industry experts expect that margins will continue their recovery throughout 2004 due to a refined product imbalance resulting from: strengthening product demand, stagnant capacity growth, and slightly reduced supply due to more-stringent product specifications.Refiners throughout the world continue to invest in clean gasoline and clean diesel technologies to stay abreast of changing product specifications. Year...

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