HPIn Europe: Consultants stand by need for massive capacity cuts
In November 2009, I wrote about how the world’s downstream consultants seemed almost to be vying to ring up the most pessimistic prognosis for refinery closures. A year on, there’s little to..
In November 2009, I wrote about how the world’s downstream consultants seemed almost to be vying to ring up the most pessimistic prognosis for refinery closures. A year on, there’s little to suggest they were off the mark. Talking to one of them today, they’re just as bearish as they were then. You may recall that JBC Energy in Vienna told me last year that 2.8 million bpd (MMbpd) of European refinery capacity must close. By February of this year, they increased that estimate by nearly 600,000 bd.
How much to cut?From its work for OPEC, the US consulting group, Ensys said that 10 MM bpd of cuts would be required to bring global utilization rates up to 85% by 2020. Energy Mark
Log in to view this article.
Not Yet A Subscriber? Here are Your Options.
1) Start a FREE TRIAL SUBSCRIPTION and gain access to all articles in the current issue of Hydrocarbon Processing magazine.
2) SUBSCRIBE to Hydrocarbon Processing magazine in print or digital format and gain ACCESS to the current issue as well as to 3 articles from the HP archives per month. $399 for an annual subscription*.
3) Start a FULL ACCESS PLAN SUBSCRIPTION and regain ACCESS to this article, the current issue, all past issues in the HP Archive, the HP Process Handbooks, HP Market Data, and more. $1,995 for an annual subscription. For information about group rates or multi-year terms, contact J'Nette Davis-Nichols at Jnette.Davis-Nichols@GulfEnergyInfo.com or +1 713.520.4426*.
*Access will be granted the next business day.
From the Archive