Galp’s Sines refinery
Galp adds to European refining optimism
Portuguese refiner reports stronger Q4 economics
Portugal’s Galp saw its Q4 2021 refining margin improve to $5.60/bl in the fourth quarter of 2021, up by 37pc quarter-on-quarter and by 250pc compared with just $1.60/bl in the final quarter of 2020. And its improved downstream performance appears to be part of a trend, with other European refiners to have posted Q4 numbers thus far also reporting higher margins (see Fig.1). Spain’s Repsol reported its marker having risen to $4.40/bl over the last quarter, similar to the $4.50/bl achieved by Poland’s PKN Orlen. Shell’s Q4 numbers show a similar trend, but at higher levels, with its most recent refining margin at $6.55/bl. Given the major’s more global focus, that could point to European refi
Also in this section
22 July 2025
The gas-hungry sector is set for rapid growth, and oil majors and some of the world’s largest LNG firms are investing in ammonia production and export facilities, though much depends on regulatory support
22 July 2025
Next year’s WPC Energy Congress taking place in April in Riyadh, Saudi Arabia will continue to promote the role of women in the energy sector, with a number of events focusing on the issue.
22 July 2025
Pedro Miras is the serving President of WPC Energy for the current cycle which will culminate with the 25th WPC Energy Congress in Riyadh, Saudi Arabia in April 2026. He has over 30 years of experience in the energy sector, including stints with Repsol and the IEA. Here he talks to Petroleum Economist about the challenges and opportunities the global energy sector currently faces.
17 July 2025
US downstream sector in key state feels the pain of high costs, an environmental squeeze and the effects of broader market trends
