An increasing share of electric vehicles in Europe will reduce the demand for diesel and gasoline in the long term. This has significant implications for the future of refining in Europe.
Refiners have already started to respond to this new reality as well as to the policy push to increase the share of renewables in transport. Several oil refineries have already been turned into biorefineries and oil companies are anticipating these trends with additional new investments. However, despite oil majors talking big on hydrogen and e-fuels, their investments in future green fuels for shipping and aviation is minimal. Check out the full report.