...Fitch Ratings takes a distinctly negative view of the near to mediumterm picture for the refining industry, and forecasts a substantial weakening in funds from operations (FFO) and credit metrics of refining companies in 2009 and 2010 compared with the solid results reported in the last refining upturn between 2005 and 2008. This is based on the agency's expectations of a combination of lower refining margins and reduced refinery utilisation rates for 2009 and 2010, versus the favourable environment and tight supply/demand balance of 20052008. Market conditions began to first deteriorate in the US in 2008, at the same time as the economic crisis unfolded. This initial weakening of demand has now spread to refining centres in Europe and Asia, with refined product demand in these locations also contracting. The International Energy Agency (IEA) forecasts a large fall in oil demand in 2009 for Europe and Asia, by 4% and 3%, respectively. This contraction in demand coincides with the startup...
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| Report Type: | Special Report
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| Company(ies): | CNOOC Limited, Lukoil OAO, Total SA, SK Energy Co., Ltd., Transportadora de Gas del Sur S.A., BP plc, Repsol YPF S.A., Rompetrol Group N.V., Exxon Mobil Corporation, Rosneft OJSC, China Petroleum & Chemicals Corporation, PKN ORLEN SA, Empresa Nacional Del Petroleo, Woodside Petroleum Ltd., OAO Gazprom, International Petroleum Investment Company, Chevron Corp, ENI SpA, Union Oil Company of California, Tesoro Corporation
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| Ticker(s): | TUPRS , VLO , PKN , MRO , TGSU2 , REP , FP , CVX , XOM , 530965 , SUN , 600028 , ENI , WPL , TSO , ROSN , 096770 , OMV , BP , 601857
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| Issuer: | Woodside Petroleum Ltd
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| Free Sample: |
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| Format: | | PDF |  |
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