European refiners change tune on closures

摘要

European oil companies are striking a positive note on the fu- ture of the region’s refineries, in marked contrast to the tone a year ago. There has been a “chronic overestimation of spare refining capacity”, Italian frm Saras’ executive vice-president, Dario Scaffardi, says, dismissing the idea that Europe’s downstream faces another round of cuts. “I do not think that we will see too many closures,” he says. BP head of refining analysis Rich- ard de Caux echoes the sentiment. “I am probably the most positive about refining since I have been in the job, so that makes a nice change.”