Many European oil refineries are threatened with closure, because of construction of oil refineries in the developing countries and growth of oil production, which does not require refining, Reuters quoted Fatikh Birol, senior economist of the International Energy Agency (IEA).
Many oil refineries in Europe have been already suspended or work at half capacity, because India and China prefer to import oil and Near East increases oil products export, Birol said at the conference in Oslo.
The share of gas condensate, which is delivered to the market as a waste product of gas extraction, grows at the market and it does not need refining. The oil refining market already has free and unused capacities and additional capacities are under construction in the developing countries. I believe that in the coming 20 years majority of oil refineries in Europe will be under threat of closure.
The refineries in Europe are forced to close down, because of a low demand in gasoline at the foreign markets and diesel fuel deliveries from the USA and Asia. In October 2013 the volume of oil refining in Europe decreased by 6% against October 2012. According to the specialists’ estimates, since 2009 total capacity of European manufacturers decreased by 2 million barrels a day and oil refineries designed for gasoline export should be worried most of all, reported http://www.nefttrans.ru.--0--
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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