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Refineries in Europe to keep closing – Total CEO

04th June 2013

More European refineries, including some in France, are likely to shut down in the coming years, according to Total CEO Christophe de Margerie

Refineries in Europe to keep closing – Total CEO
Last year, Switzerland-based Petroplus AG filed for bankruptcy, citing low refining margins in Europe

More refineries across Europe are expected to shut down in the coming years, Dow Jones reported on Monday, as oil consumption plummets following the rippling effects of the economic crisis.

The prediction comes from Total CEO Christophe de Margerie himself. During a televised interview on Sunday, Margerie said closures would also take place in France, although he did not specify which refineries the oil major is considering closing. Oil prices will likely not pick up this summer, according to Margerie.

Three years ago, Total transformed one of its six French refineries into an oil-stocking plant while it failed to find a suitable buyer for its UK-based Lindsey refinery. Last year, Switzerland-based Petroplus AG filed for bankruptcy, citing low refining margins in Europe.