October 2014

Trends and Resources

HP News

More cuts in 2015 inevitable on wave of capacityESAI Energy is declaring that a wave of new distillation capacity will underscore the inevitability of more refinery closures in Europe and other market..

Blume, Adrienne, Hydrocarbon Processing Staff

More cuts in 2015 inevitable on wave of capacity ESAI Energy is declaring that a wave of new distillation capacity will underscore the inevitability of more refinery closures in Europe and other markets. Global refiners will add nearly 2 MMbpd of distillation capacity in the coming 12 months. This compares to less than 300 Mbpd of capacity growth in the last 12 months. The coming crest will further undermine the profitability of marginal refiners, especially in Europe. As a result, Europe will be under pressure to cut another 250 Mbpd–350 Mbpd in the next 12 months, according to the group’s recently published refining outlook. ESAI says that the most dramatic shift is in Asia. In

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