The Netherlands is a large net exporter of oil products except fuel oil which has a ready outlet in the sizeable marine bunkers market. BP, ExxonMobil, Shell, Total, LUKOIL and since 2015 Gunvor, each have an interest in one of the five large oil refineries in the Netherlands, which are ideally located for supplying inland demand, the large marine bunkering market and export markets. The retail sector remains relatively dense compared to other western European countries with high prices due to the level of taxation on fuel. Margins are strong and demand remains robust, although we expect a decline through to he end of the forecast period in 2020. Retail market is structured around two distinct segments with increasing number of unmanned sites on one hand and full-service stations with strong non-fuel offering.