Middle East refineries are posting ambitious expansion plans, while production targets are slashed across the EU. European Refiners have cut capacity by 8% over 2007-13 to 14.6 million of barrels a day from 15.8 Mb/d and capacity is expected to continue to fall.
Abu Dhabi Oil Refining Company Takreer has seen huge investment into expanding its refining capacity with more on the horizon. The $10 billion expansion of its Ruwais refinery is expected to start-up in the first-half of 2014 taking the plant to more than 800,000 b/d capacity.
France’s Total SA is among refiners that have closed or mothballed plants during Europe’s economic crisis, seeing a loss of $675.7 million in 2013 due to lower margins. Even though many European countries are now on the mend, tough competition from abroad means that many European refiners will continue to struggle.
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