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Panorama 2006
Refining and Petrochemicals
In 2004, refining margins showed a clear improvement that persisted throughout the first three quarters of 2005. This enabled oil companies to post significantly higher earnings for their refining activity in 2004 compared to 2003, with the results of the first half of 2005 confirming this trend. As for petrochemicals, despite a steady rise in the naphtha price, higher cash margins enabled a turnaround in 2004 as well as a clear improvement in oil company financial performance that should continue in 2005, judging by the net income figures reported for the first half-year. Despite this favorable business environment, capital expenditure in refining and petrochemicals remained at a low level, especially investment in new capacity, but a number of projects are being planned for the next five years.
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Refining and Petrochemicals
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