The Zug, Switzerland-based independent refiner said it will start temporary economic shutdowns in January of its refineries in Petit Couronne, France, 161,800 b/d; Antwerp, Belgium, 107,500 b/d; and Cressier, Switzerland, 68,000 b/d, “given limited credit availability and the economic climate in Europe.”Lenders froze a $1 billion lending facility for this company.
Restart of the facilities, the company said, is “dependent on economic conditions and credit availability.”
The European recession is beginning.
[For comparison, the Tesoro refinery in Mandan, ND, is increasing its capacity from 58,000 to 68,000 b/d. The story above did not say how much refining capacity there was in Europe, or what percent this "shut-down" represents.]
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