Is the coronavirus giving us a glimpse into refining’s future?

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Refining has always been a challenging business, but global capacity has continued to grow despite periodic bouts of rationalisation, primarily in OECD countries. The energy transition introduces the threat of oil demand peaking before 2040, which makes refinery investment decisions even more difficult. The attributes of new refineries to be built in regions of demand growth, such as the Middle East and Asia are well known – large, highly petrochemical integration and strongly competitive. In this Insight, we will explore how existing refiners can adapt to a low carbon future, whilst staying true to their roots as a conversion industry.

Table of contents

  • Only the strongest assets will survive the energy transition
  • Executive summary
  • Challenges around refinery investment to get tougher
  • Why does the energy transition make things different?
  • In refining, go big!
  • What needs to change?
  • How big could the challenge be?
  • What are the no regret options?

Tables and charts

This report includes 2 images and tables including:

  • Figure 1: Mainland Europe historical profile, million b/d
  • Figure 2: US and European refinery competitiveness profile

What's included

This report contains:

  • Document

    Is the coronavirus giving us a glimpse into refining’s future?

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