London: BP Amoco Reduces European Oil Refining Because of Low Profit Marginsgreenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread |
Thu, 18 May 2000, 1:38pm EDTBP Amoco Reduces European Oil Refining Because of Low Profit Margins
London, May 18 (Bloomberg) -- BP Amoco Plc, the world's third-biggest publicly traded oil company, said it cut the amount of oil it refines at its European refineries by 20 percent because of low profits from processing crude.
The slowdown began yesterday, said a spokeswoman for BP, which has capacity to refine about 1.2 million barrels of oil a day across Europe.
Refining margins typically fall as oil prices rise because processors can't increase the price of their products in step with crude markets. Brent crude oil prices in London have gained 13 percent in the past two weeks.
http://quote.bloomberg.com/news2.cgi?T=energy_refout.ht&s=AOSQZYRWRQlAgQW1v
-- Carl Jenkins (Somewherepress@aol.com), May 18, 2000