Innovation or stagnation for the European refining sector
The challenge facing the European refining sector is more severe than many have feared, argues Robert Turner from PwC, whose role in the Petroplus insolvency gave him an opportunity to explore the perspectives and risk appetite of the different players in the sector
Relying on the market to resolve the issue simply increases the risk that the downturn will be more painful and prolonged than necessary. So what can the industry do, not just to survive, but to attract the capital that it needs to emerge from the crisis? What 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 s
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