Petroplus Closures to Boost Oil-Refining Profits: Energy Markets
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The closing of three Petroplus Holdings AG refineries in northwest Europe may increase first-quarter profits from processing crude as fuel supplies are curtailed.
Refiners in the region may earn $2.30 a barrel this month, and $2.50 in February from processing Brent crude into products such as gasoline, compared with a loss of 20 cents a barrel in December, according to Roy Jordan, an analyst at Facts Global Energy Inc. in London who worked for more than 30 years as an oil trader at Royal Dutch Shell Plc.