Many European Refiners may Not Survive COVID

The coronavirus pandemic has shortened Europe’s energy transition.

What was initially perceived as a gradual movement towards fewer emissions and greener generation has now become an unprecedently ambitious endeavour – by the time Europe recovers from the COVID-triggered slump, its fuel demand will have already dropped to the point where some downstream assets are no longer needed. This process of refinery backsliding that ultimately leads to the closure of less-efficient assets, be it due to lower refining complexity, geographic remoteness or other institutional factors, has already started. 

Antwerp Refinery, Belgium (108 kbpd)

Operator: Gunvor.
Future: Import terminal.

Grandpuits Refinery, France (101 kbpd)

Operator: Total.
Future: Conversion into Biorefinery.

Europoort Refinery, Netherlands (88 kbpd)

Operator: Gunvor.
Future: Permanent Closure / Import Terminal.

Porto Refinery, Portugal (110 kbpd)

Operator: Galp.
Future: Permanent Closure / Import Terminal.

Naantali Refinery, Finland (58 kbpd)

Operator: Neste.
Future: Import terminal.

(Source: Insights Global)

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