Study says 2005 EU product specs may cost refiners up to $9 billion

Depending upon the final 2005 fuel specifications, the necessary European Union (EU) refining investment could be huge-as much as $9 billion, says a study by Nexant Ltd., London, formerly Bechtel Consulting.The European Commission enlisted the firm to identify cost-effective measures to achieve the EU's proposed-air-quality targets. The project was one part of a major multidisciplinary exercise being overseen by the commission's Directorate-General for Energy and Transport and for the Environment.EU air-quality goals will be among the most severe worldwide. They limit carbon monoxide, hydrocarbons, oxides of nitrogen, benzene, and particulate matter.These targets will have an impo...

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