UKPIA has published a new study looking at the future role of the refining and downstream industry.
The study comes at a time when the refining sector faces severe pressures on a number of fronts – the response to which could be critical in shaping its future direction and its capability to be a secure and resilient source of energy for the UK.
Chris Hunt, director general at UKPIA, said: “Energy analysts forecast that the difficult commercial climate for refineries is likely to continue in the coming years, while at the same time the cumulative effect of EU and UK legislation is adding substantial cost burdens not faced by our non-EU competitors.
“Given the right policy environment, the UK refining and downstream oil sector can continue to play a pivotal role in the future as a reliable, resilient and secure source of transport fuels and other vital industrial feedstocks,” he added. “The Energy Minister’s recent statement that the Department of Energy and Climate Change will work in collaboration with the UK refining industry to consider the issues and approach that Government should take in developing a policy framework for the industry, is welcomed.”