Largest Independent Refiner in Europe to Shut Down Three Refineries -- Credit Window Closed -- Nothing To Do With The Bakken

Read this story in light of America's increasing stature as a net exporter of oil and refined oil products.

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.”

Restart of the facilities, the company said, is “dependent on economic conditions and credit availability.”

Lenders froze a $1 billion lending facility for this company.

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.]