Slide 28 of 30
Notes:
- We have been looking at Europe initially, and I will provide a preview of some of our preliminary findings.
- Europe, like the U.S. has a growing transportation market, while the petroleum heating and boiler-fuel market is shrinking.
- Europe has also experienced some loss of crude distillation capacity in the face of low margins. Margins have not been as good in Europe as in the U.S. recently.
- Transportation fuel product specifications are changing in Europe as well as in the U.S., but Europe’s specifications are not the same.
- For example, while the U.S. is heading towards a 15 ppm sulfur specification for diesel, Europe is putting into place a 50 ppm sulfur maximum.