Massive invest in oil refineries could cut global fuel prices

Oil companies and other investors are spending a collective USD 100 billion on new oil refineries that could alleviate the current bottleneck in refining capacity and eventually translate into a small cut in the price of gasoline, a top project financier said here today.

Will Rathvon, global head of project finance for Standard Chartered bank, said that more than 30 new or expanded refineries will come on stream over the next decade, adding at least 6.5 million barrels a day of badly needed capacity to global fuel markets.

Zee News