The Limited Times

Now you can see non-English news...

The great depression of European refineries

2021-05-23T20:14:49.222Z


The Covid crisis has plagued a sector already structurally in difficulty. Oil companies are betting on biorefineries.


He's the sick child of the oil industry.

Refining timidly raises its head after a catastrophic 2020.

But, when the so-called “upstream” activity of large oil companies, that is to say exploration-production, regains color thanks to the rise in the price of a barrel, refiners are struggling to catch their breath afterwards. a terrible year 2020.

“The crisis caused by the Covid-19 was exceptional in its scope and duration

, testifies an industrialist.

We have already suffered in the past from very bad or even negative margins, but over shorter periods.

Never, before 2020, has this been spread over more than a year. "

Read also:

Total: end of the strike at the Grandpuits refinery

Demand fell sharply by 25% in the spring of last year, from 100 million barrels per day to 75 million.

It then recovered slowly, but never regained its pre-crisis levels.

However, in this industry where there is strong competition, the margins are very narrow.

It is enough then that the volumes flex

This article is for subscribers only.

You have 79% left to discover.

Subscribe: 1 € the first month

Can be canceled at any time

I ENJOY IT

Already subscribed?

Log in

Source: lefigaro

All business articles on 2021-05-23

You may like

News/Politics 2024-03-16T07:56:21.537Z

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.