23 November 2010 14:56 [Source: ICIS news]
BERLIN (ICIS)--Refinery operating rates in ?xml:namespace>
Speaking at the 9th European Aromatics & Derivatives Conference in
However, he added that this had not helped the current pressure on refineries as these projects were due to come on line in three or four years’ time.
Chadwick predicted that around 1.3m bbl/day of refining capacity would remain closed globally.
As a result of lower utilisation rates at refineries, feedstock supply for aromatics would remain restricted, despite overall demand taking a severe hit after the global economic meltdown.
Chadwick added that exports from the
However, he added that there were some refineries that had stayed competitive, largely due to their location within a strong market, value-added configuration, low-cost crude and low-cost delivery methods.
Chadwick said that he expected to see strong growth in utilisation rates in emerging markets such as
Chadwick also forecast that from 2007 to 2020, demand for oil in emerging markets would grow by 18.2m bbl/day, while mature markets would see demand fall by 3.4m bbl/day over the same period.
In light of this, many oil majors were reducing their exposure to refineries in
Despite the gloomy prognosis for European refineries, Chadwick said that the forecast supply/demand balance for key products such as diesel and gasoline would actually give
With diesel supply higher in
The 9th European Aromatics and Derivatives Conference takes place in
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