Tabangao refinery closure: A tell-tale sign of pressure on refining?

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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 2 images and tables including:

  • Philippines crude run changes with the closure of Tabangao refinery
  • Philippines oil product balance after the closure of Tabango refinery

What's included

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    Tabangao refinery closure: A tell-tale sign of pressure on refining?

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