The 2 nd wave of COVID-19/20 becoming an irreversible part of our reality, the global downstream sector has started to assess the damage done so far and the potential detriment that is still up there for refiners that are struggling to remain profitable. According to IEA estimates, it will take at least 2 years until the refining sector recovers fully from the ramifications of the current demand loss. With refinery utilization rates expected to drop to an annual average of 72% this year and 77% in 2021, the lowest since 1983, it should come as no surprise that some downstream firms are considering closing down altogether. New Zealand might not be a refining giant when compared to Asian downstream powerhouses, yet a potential closure would most probably leave a significant impact across Asia and Oceania. The closure of Marsden Point would not be a novelty for the Asia Pacific […]