EUROPEAN refineries expect experience the biggest impact from the new United Nations IMO 2020 regulations, as most expect to produce less fuel as only 23 per cent are targeting higher availability of low sulphur fuels, reports London's Tanker Operator.
According to a global study of senior employees in the refining industry, commissioned by Aspen Technology, the survey also revealed a shortfall globally in refineries with this focus on clean fuels, with just 37 per cent claiming to be doing that as a result of IMO 2020.
Sixty-four per cent have not made any capital expenditure against IMO 2020 regulations which came into effect in January.
'Given the overall reduction in production that IMO 2020 is likely to bring, fuels that enable shippers to comply will be comparatively more valuable in the market,' said AspenTech marketing director Ron Beck said.
'It's concerning that most refineries are failing to focus on improved utilisation. Such investment is becoming ever more urgent as IMO 2020 approaches. Digital approaches can significantly help operators who have yet to decide on capital investments,' he said.
WORLD SHIPPING
According to a global study of senior employees in the refining industry, commissioned by Aspen Technology, the survey also revealed a shortfall globally in refineries with this focus on clean fuels, with just 37 per cent claiming to be doing that as a result of IMO 2020.
Sixty-four per cent have not made any capital expenditure against IMO 2020 regulations which came into effect in January.
'Given the overall reduction in production that IMO 2020 is likely to bring, fuels that enable shippers to comply will be comparatively more valuable in the market,' said AspenTech marketing director Ron Beck said.
'It's concerning that most refineries are failing to focus on improved utilisation. Such investment is becoming ever more urgent as IMO 2020 approaches. Digital approaches can significantly help operators who have yet to decide on capital investments,' he said.
WORLD SHIPPING