London—In spite of a dire margins outlook forcing a slew of Europe’s least profitable plants to close in recent years, some refiners see the case for continuing to invest and even expand at more advantaged sites. A growing number of refiners are targeting significant new investments in deep processing units—such as hydrocrackers, delayed cokers and vacuum units—to maintain profitability during these doggedly dark times for the sector. While Europe’s refining stock has spent years upgrading to meet the region’s growing demand for diesel, analysts believe that tougher environmental legislation and sliding demand for fuel oil has now forced many refiners’ hands.
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