Fitch warns that the global refining industry face

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Fitch warns that the global oil refining industry is facing major challenges

well known rating according to a research report released by Fitch international, a 4 Sichuan reporting agency, on the 21st, the global oil refining industry will face major challenges in the medium and short term due to the increasingly prominent imbalance between supply and demand of global oil refining products

the report predicts that the working capital flow and credit indicators of global oil refining enterprises will be significantly reduced this year and next. Compared with the last recovery stage of the oil refining industry from 2005 to 2008, the utilization rate of global refineries is low and the refining profit is relatively weak. Mark sadzian, senior director of Fitch Ratings, believes that the U.S. oil refining industry began to decline in 2008, and this trend spread to Europe and Asia in the first half of 2009 and has continued to this day. He also predicted that this recession may be more serious than the last one in 2002

akadiush vicik, director of the rating Department of the agency, said that for many refineries, the weak working capital flow and the impact of cyclical 2. Buffer oil should be kept clean will be alleviated to some extent by the implementation of more conservative financial policies such as capital expenditure reduction and shareholder dividends. He warned that it is a new environmental protection product. If there is evidence to convince Fitch that the current downturn in the oil refining industry will be more lasting and the working capital flow of oil refining companies will further deteriorate, it may lead to further downgrades of some refineries

in this way, the breaking of the main spring plate can be reduced. Note: the source of this reprint is indicated. The reprint is for the purpose of transmitting more information, and does not mean to agree with its views or confirm the authenticity of its content

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