In a report, Wood Mackenzie, the industry consultant, concluded that only 30 of the 160 refining projects announced since 2005, which should be completed in the next two to seven years, would now go ahead.
The sharp drop in the number of new refineries is related to the collapse in the refiner's profit margins, known in the industry as “crack spreads”.
The scale of the cutback is the starkest illustration yet of the severity of the collapse in fuel demand and the effect on the refining industry.
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