Europe Headlines

Belgium: Guvnor Purchases Petroplus Antwerp Refinery

Independent commodity trading company Gunvor has purchased Petroplus' Antwerp refinery, adding to its scheme of vertical integration. The transaction is subject to the approval of Belgian authorities, after which Gunvor says it will restart production as soon as possible. The refinery, which closed in early February after Petroplus filed for bankruptcy protection, is capable of processing over 100,000 bpd per day and has a storage capacity of more than 1.2m cubic metres. 


Russia: Rosneft Increases Regional Fuel Market Share

Rosneft has revealed that it increased its market share in 35 of the 43 regions in which it operates during 2011. The Russian oil company, which plans to increase its share of the Russian oil product market from 12% to between 20% and 24% by 2030, saw substantial growth in the retail fuel markets of a number of regions including the Altai Territory (31.5% to 45%), Irkutsk Region (60% to 70%), Voronezh Region (30% to 46%), Tver Region (12% to 21%), Sakhalin Region (45.2% to 63%), and Trans-Baikal Territory (0.2% to 5%).


UK: FairFuelUK Welcomes Report on Fuel Duty Cut

FairFuelUK has welcomed a new report which found that a reduction in fuel duty will provide a significant boost to the UK economy. The report, set to be released this week by the Centre for Economics and Business Research (CEBR), estimates that a cut of 2.5p per litre would result in 180,000 new jobs within a year, with no net tax loss, while a 5p cut would create a further 30,000 jobs.


UK: Unite Threatens National Strike Action

Britain’s largest union, Unite, is holding a strike ballet of over 2,000 fuel tanker drivers nationwide as it demands improved safety, training and terms and conditions. The union represents roughly 90% of drivers supplying petrol to UK fuel service stations, working across seven major distribution firms. Sainsburys, Tesco, Asda, BP, Esso and Shell networks – along with airports – could be affected by any future strike.

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