STEADY REBOUND SEEN AHEAD FOR EUROPEAN REFINERS

Europe's downstream petroleum sector is becoming cautiously optimistic about its future. However, rationalization and cost cutting will figure strongly in refining and marketing for the next several years, sifting the weak from the strong. Those are the views of Jeremy Hudson, analyst at Lehman Bros., London. Hudson believes depressed refining margins are at a turning point and likely to make steady-if unspectacular-upward progress.

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