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Report: oil refineries will close as world decarbonises

Tuesday 7 Nov 17 10:00am

New Zealand's Marsden Pt oil refinery.
A QUARTER†of global oil-refining capacity could become unviable and be forced to close by 2035 as a swelling tide of climate regulations and rapid advances in clean technologies cut oil demand, a new report shows.

It says that falling oil demand in a carbon-constrained world would squeeze margins across the industry, and drive the least profitable refineries out of business.

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Related Topics: Energy | Greenhouse Effect | Transport

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