Oil refineries across Europe will be forced to shut as the West abandons fossil fuels in the race to net zero, the boss of BP has said.
Murray Auchincloss said that older and smaller refineries will close or convert to biofuels as traditional oil refining is rendered unprofitable by a combination of surging fuel taxes and falling demand from drivers forced to go electric.
He was speaking as BP unveiled a $5.5bn (£4.3bn) profit for the first half of the year.
Mr Auchincloss said: “As the world transitions to electrification of the car fleet, and electrification or hydrogenation of the trucking fleet, there’ll be less need for diesel and gasoline.
“So I would expect the least efficient refineries, which are the smallest, oldest around the world, to gradually close down as the world transitions over the next 10 to 30 years.”
Full story BP: Refineries will shut across Europe as West abandons fossil fuels (telegraph.co.uk)
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