Europe’s refiners ramping up precautions against coronavirus


Photo by Massimo Vernicesole/

European oil refineries are ramping up precautionary measures as the coronavirus pandemic spreads around the continent and leads to national lockdowns, S&P Global Platts reports. 

Photo by Massimo Vernicesole/

Operations, for the time being, remain largely unaffected although many in the industry see run cuts and even closures on the horizon. Analysts agreed that refineries will need to curtail their throughput as demand slows.

“Run cuts are expected in Europe due to the demand effect from the coronavirus outbreak,” S&P Global Platts Analytics said in a note.

Spain, which has been in lockdown since the weekend, has reduced all private travel to a minimum, while public transport and flights have been halved for a two-week period.

Italy has introduced unprecedented measures to combat COVID-19, banning residents from leaving their homes except for the most essential activities.

“Globally, we are looking at a pretty significant reduction in short-term oil demand, probably down 3-4 million barrel per day for several months,” Stephen George, chief economist of energy consultancy KBC, who also saw the potential for “a general trimming of runs across the board in Europe”, was quoted by S&P Global Platts.

Meanwhile, some refineries have been bringing forward planned seasonal maintenance or extending and adding to existing turnarounds, according to Platts Analytics, which said refineries in Italy, Germany, the Netherlands and Romania were among those doing works earlier than planned. 


MBH Bank Closes Acquisition of Duna Takarék Bank Banking

MBH Bank Closes Acquisition of Duna Takarék Bank

Orbán Augurs Economic Rebound From Q3 Government

Orbán Augurs Economic Rebound From Q3

Corvinus Uni, ExxonMobil Sign Cooperation Deal Deals

Corvinus Uni, ExxonMobil Sign Cooperation Deal

'Creating CEElicon' Valley in Focus of HVCA Investment Confe... Conferences

'Creating CEElicon' Valley in Focus of HVCA Investment Confe...


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.