Insight
Tabangao refinery closure: A tell-tale sign of pressure on refining?
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Shell’s Tabangao refinery closure in the Philippines speaks a lot about mounting pressure on the refining industry. Global refining market enters a long period of overcapacity. Refinery margins reach bottom of cycle around 2024, putting pressure on weaker refinery sites to reduce utilisation rates or close. A strong competitive position is essential to be a survivor during this downturn. Refiners should focus on selecting capital projects to improve margins, build flexibility to process a wide range of crudes, optimise shipping costs, increase flexibility to shift yields towards higher value products and capture integration synergies with chemicals.
Table of contents
- Impact on product imports for Philippines
Tables and charts
This report includes the following images and tables:
- Philippines crude run changes with the closure of Tabangao refinery
- Philippines oil product balance after the closure of Tabango refinery
What's included
This report contains:
