Refiners should expect the unexpected
Trend spotting is easier said than done in the refining sector
Refiners will need to be nimble to survive in a world of reduced demand for fossil fuels from the transport sector and those plans need to be put in motion now if they are to survive. Mol is a case in point. Around 70% of the company's output from its refineries in Hungary, Croatia and Slovakia, which mainly serve central European markets, is refined products for the transport sector. By 2030, the company plans to increase its non-fuel production, largely targeting the petrochemicals industry, to 50% of total output, compared with the current 30%. "This does not mean we will destroy our capability to produce diesel and gasoline [if margins stay high]," says Ferenc Horvath, head of the compan
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