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European refining industry
At the moment the European refining industry is in crisis, there are closures of refineries throughout Europe. An example is the Petrolplus refiner (a pure play refiner), which closed several refineries throughout Western Europe due to its credit situation. Other refiners like BP (an IOC) are getting out of the downstream sector in Europe, purely because the refining margins will never be sustainable again - BP exited the British refining sector. The Coryton refinery, just outside London was one of BP's, it sold it to Petroplus, and now it is closed permanently, even the Government does not value the strategically importance of refineries.
NEWS - 16 July, 2013 The House of Commons Energy and Climate Change Committee recently concluded that the closure of the UK refining industry would affect 26,000 jobs - both indirectly and directly. The refining industry provides secuirty of supply that the UK could not do without - but recently the industry is in decline, where currently the there are only seven refineries today compared to 18 in the 1970s.
One of the conclusions of the reports were to balance the Duty imposed on UK refineries moving oil products around the UK - whereas the Duty is suspended for those importing refined products into the UK. [Read more]
The former Petroplus Coryton refinery near London
The map below shows some of the European refineries that have been affected - either shut down because the owner had financial troubles, it formed a joint venture (INEOS & PetroChina) or that it strategically closed due to low margins.
Refineries affected in Europe
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