Total sees improving European refining margins

French oil major Total said Monday that its European refining margin indicator more than doubled to $38.20/ton in the 2012 second quarter, up from $16.30/ton in the same period a year ago.

The margin also nearly doubled from $20.90/ton in the first quarter of this year, Total said in its quarterly chart of main indicators.

The indicator is not Total’s own margin, but an indicator "intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region.”

European refining economics have been relatively weak for years, but margins have greatly improved in recent months amid the closure of several facilities.

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