2024-04-01 16:47:46
More than a fifth of the world’s oil refining capacity is at risk of closure. As Day.Az reports, Reuters writes about this with reference to a report from the energy consulting company Wood Mackenzie.
According to analysts, such risks exist in 21% of the 465 assets analyzed. The reason lies in the decrease in the profitability of gasoline and measures to reduce carbon dioxide emissions, experts explained.
The largest number of high-risk facilities are located in Europe. We are talking about 11 refineries, which account for 45% of the total number of enterprises on the verge of closure.
Gasoline margins are expected to shrink further by the end of this decade as demand declines and sanctions on Russia ease and expected carbon taxes “start to bite.” As a result, operating costs could rise so much that closure is the only option, said Wood Mackenzie senior oils and chemicals analyst Emma Fox.
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