There is no debating the assertion that the Downstream business environment remains difficult and this will likely continue for the foreseeable future. The current domestic regulatory environment continues to be demanding with the likes of the Low Carbon Fuels Standard (LCFS) and others; and, significant uncertainty in the economic, market and political outlook for domestic refiners warrants a renewed and tailored approach to strategy development and value creation for our industry. Interestingly, while no one gets a free pass from the effects of the current outlook, the impacts of external factors will not be felt uniformly across the business, as different regions and, indeed, different business models are impacted uniquely and require a separate distinct focus to drive success. In this paper, we endeavour to outline the major uncertainties in the market and how they impact our six indicative business model strategies; each of which having a unique opportunity set to respond to the consequences in a different manner.
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