France to cut refining industry investments

Investments in France's refining industry have been on a downward trend since 1995 after peaking at 3 billion francs in 1994. During 1992-2000, total outlays are estimated at 19.6 billion francs, with average annual capital expenditures of 2.1 billion francs, down from the 2.3 billion franc estimate made in 1996. These are the conclusions of the hydrocarbon department of France's industry ministry. Industry prepared A slight upturn in refinery spending is forecast in 1998 and 1999, linked to implementation of the European Union's motor fuels directive, which will take effect in 2000. Besides productivity gains and cost cutting, the requirements of the directive invol...

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