THAT the European refining industry is in a bad way is not news. Benchmark refining margins provide tough reading, and have been volatile and low to negative since the downturn began in 2009. As a result, many refiners have reported minimum returns or cash losses, while still having to fund investment. This is unsustainable. However, an end to the crisis remains some way off. Short of holding on and hoping for an upturn, the industry is struggling to find a solution.
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