Scaling back

摘要

There is an overhang of refining capacity in the Atlantic basin, particularly in gasoline, where the kit has had to adapt to a shifting of demand towards more diesel. The European refining sector has to accommodate those changes in demand, and it can do it to some extent by modifying the existing kit or by shutting capacity that is not economic. You can then think about adding capacity in distillates or importing them. It is a continuing evolution of the supply chain to feed the market. We recognised that we had more refining than we needed in Europe.