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The refining industry is at the cusp of transition due to the
severe jolt given by COVID-19 pandemic. The pandemic has
accelerated the transition process, coaxing companies to fast-track
the pursuit of their future plans and at the same time part with
assets which have a bleak chance of operational profitability.
As refined product demand declined through the first half of
2020, it exerted pressure on refining assets, particularly the ones
with narrow margins and low competitive position. While refiners
were able to partially offset the losses by shutting or divesting
few of the weak assets, the pandemic driven downturn, coupled with
impending transition has also weakened the inter-regional trade
activity. The refiners are therefore unable to find buyers for many
assets and in the absence of any potential buyer or alternative
use, are idling the facilities.
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Posted 18 February 2021 by Rajat Joshi, Research Analyst, Oil Markets, Midstream, Downstream and Chemicals, S&P Global Commodity Insights
