Because of loss-making expectation in the near term, Gunvor Group is considering mothballing its oil refinery in the Belgian city of Antwerp. To keep operating, Gunvor has been exploring options given a difficult environment for European refiners. The company has been doing this even before energy demand was disrupted by the coronavirus pandemic. Consultations with the works council would decide the time needed for the refinery’s future decision.
As lockdowns to try to contain the new coronavirus devastated demand for fuel, especially jet fuel, refineries across the globe have reduced runs or shut down completely. Compared with a year ago, oil demand fell by a record 21.8 million bpd in April. The International Energy Agency said the full-year consumption expected to plunge by 8.1 million bpd to 91.7 million bpd.
