'Benign' era of refining represents greater profitability for best performers

08/09/2004
The refining industry is entering a new "benign" era that reflects basic, permanent, structural changes in the market due to an improving global economy.Those companies that manage their refining portfolios most effectively will prosper in the new era. They will be able to outperform their competitors in terms of market position and delivered value.Understanding the key difficulties allows refiners to position themselves to avoid pitfalls that could derail the recovery. These will become the high-performing refiners.During the last 20 years, the conventional wisdom has been that refining was capital intensive and low margin. The industry was trapped in a period of limited demand growth, o...
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