High supply, low sales close EC refineries

European gasoline and oil refineries are closing down because of a worldwide petroleum surplus and a steadily declining demand for fuel oil, the October report of the Commission of the European Economic Community says.

Now working at only 60 percent of capacity, many older EC refineries would need renovation and modernization to continue to compete in world markets. Future demand for more gasoline and high-grade refined products is an economic possibility.

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