According to new reports, it is very likely that oil refineries across Europe (including the UK) are likely to be shut down. This news came by way of a warning from the boss of Essar Energy. In fact, this India based company said that larger refineries such as its Stanlow facility in Cheshire will survive competition from Asia and the Middle East. However, it is the smaller ones that are likely to close down.
Reports show that oil refineries in the UK, like the refinery in Coryton, are likely to go into administration. This would put around 900 jobs at risk. This is terrible news considering the job market is already really bad in the UK as it is. It is not yet known just how long the job market can continue to support itself as more and more Brits find themselves out of work.
The only good news to come out of this announcement was the fact that Essar Energy believes its Cheshire company could survive in a cut-throat market. However, less sophisticated operations are likely to suffer from an increase in competition.
Narseh Nayyar, who is the chief executive over at Essar, said that refineries must be able to process difficult fuels, such as dense crude oil, and need to be of a certain size in order to keep costs per barrel at a profitable level. The companies that do not fit into that profit would start to struggle as things move forward…
via UK and Europe Very Likely to See Oil Refineries Shut Down | Electric.co.uk News.
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