Extract from an article published by Platts on 24 July 2014
July 24th, 2014:
Shell holds crisis talks with Niger Delta community over threat to operations
The world is being held hostage
Extract from a NewsDay article by MARTIN SCHRAM published 23 July 2014 by McClatchy-Tribune News Service under the headline: “Schram: The world is being held hostage”
Europe’s ‘ghost town’ refineries spook oil company results
Extracts from a Reuters article by Christopher Johnson published Wednesday 23 July 2014
LONDON, July 23 (Reuters) – Europe is coming under increasing pressure to close oil refineries as chronic over-capacity hits processing margins, dragging down group profits and hitting share prices.
Poland’s PKN Orlen and Czech processor Unipetrol both announced unexpected large losses on Wednesday after impairment charges at processing plants.
Larger oil peers Royal Dutch Shell, BP and Eni will report next week and refining is expected to weight heavily on the results.
Stephen George, principal consultant at KBC Advanced Technologies and a specialist in global refining economics, says many European refiners will have to close eventually, no matter how strong the political pressure to save jobs.