Dog Days Ahead for European Refining Despite Exxon's Antwerp Revamp

摘要

Despite recent news that ExxonMobil will be investing over $1 billion to add a coker unit to its Belgian Antwerp refinery, it would be unwise to consider this a sign that the tide is turning for Europe's struggling oil refining sector. The industry remains under pressure from contracting regional demand, competition from newer and more efficient export refineries in the Middle East and Asia, and a refining configuration that does not match current transport fuel needs.