WHAT'S AHEAD FOR U.S. REFINERS

Margins for U.S. high conversion refiners through 2001 will be large enough to justify spending on modernization programs, Pace Consultants Inc., Houston, predicts. However, average conversion refiners--those with no residuum destruction capability--could find it hard to generate enough capital to meet U.S. pollution control requirements. Low conversion refiners will be hard pressed to stay in business.

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