A structural shift in the global refining industry has had a harsh impact on Atlantic Basin refineries over the last few years, with higher crude prices, increased competition, and growing environmental and compliance costs forcing the closure of a number of facilities.
Valero Energy Corp. on March 19 became the latest Atlantic basin refiner to call it quits, announcing for the second time in less than three years that it would shutter its subsidiary’s 235,000 bpd refinery in Aruba “due to unfavorable refinery economics and the outlook for continued unfavorable refinery economics.”
