Refineries ramp up production runs and upgrades ahead of IMO 2020
Preparations for the sulphur cap regulations, along with changes in crude quality due to increasing seaborne crude exports from the US, are cited as two factors driving up refinery turnarounds to new records since 2015. These have breached 'unprecedented levels' year after year
Some $1bn in investment has gone to just upgrading refineries to meet the expected demand for oil-based fuels complying with the IMO 2020 regulation, and most of these have been in Asia
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