Total’s refining margin indicator falls

摘要

Total’s European refining margin indicator (ERMI) fell to $6.60/t in the first quarter of this year from $10.10/t in the previous quarter. The ERMI is below the $26.90/t achieved in the first quarter of 2013. Total’s ERMI is an indicator representing the margin after variable costs of a refinery situated in the Amsterdam- Rotterdam-Antwerp hub in northwest Europe that is assumed to consume a mix of crudes and produce the major products.