Refiners are shutting down permanently or converging oil refineries as the demand crash from the pandemic continues to crush refining margins. Several refiners and oil majors have recently announced permanent closures in the United States and Asia, while analysts believe that some high-cost refineries in Europe could also be shut down over the next few years as margins for processing crude into fuels are expected to remain depressed. Refiners face the adapt-or-die scenario in the wake of the pandemic, and closures and consolidation will be the two major themes in the downstream going forward, analysts have said. Some refiners have already announced closures. Last week, Phillips 66 said it plans to shut down the Rodeo Carbon Plant and Santa Maria refining facility in Arroyo Grande, California, in 2023. Phillips 66 plans to reconfigure its San Francisco Refinery in Rodeo, California, to produce renewable fuels. Marathon Petroleum is idling the […]