More European refineries, including some in France, are likely to shut down in the coming years, as refined-oil products consumption is falling in the region, Total SA (TOT, FP.FR) Chairman and Chief Executive Christophe de Margerie said Sunday.
More European refineries, including some in
France
, are
likely to shut down in the coming years, as refined-oil products consumption is
falling in the region, Total SA (TOT, FP.FR) Chairman and Chief Executive
Christophe de Margerie said Sunday.
Speaking in a televised interview, Mr. de Margerie declined to say which
refineries in France the integrated oil major is considering closing, citing
French law, which requires union representatives to be informed first of such
plans. The comment underscores the difficult environment for refiners and
integrated oil companies in
Europe
,
where refinery margins have been subdued over the past several years on the
back of the economic crisis and the focus on green energies, denting oil
consumption.
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 U.K.-based
Lindsey refinery. Last year, Switzerland-based Petroplus AG filed for
bankruptcy, citing low refining margins in
Europe
.
Mr. de Margerie said he saw no reason for crude-oil prices to pick up by the
summer.
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