19 Jun '12, 10pm

The European Refining Blues

The European Refining Blues

About the same time as the refining margins peaked Europe got "biofuel fever". The old arguments surfaced. Climate change, energy independence, carbon emissions, green transport but no mention of Peak Oil anywhere in sight. The farm lobby was not slow to catch on, and we saw a massive push to biodiesel followed by a later push to ethanol under the guise of the renewable transport fuel obligations (RTFO). Biodiesel was competitive with mineral diesel we were told. Well fools and their money are soon parted and investors large and small raced headlong into the shark infested market of biodiesel. I remember in 2005 negotiating a tank storage deal with a long term supplier. He was well pleased. He had signed a 15 year deal with a large biodiesel producer. I was intrigued. It was a 15 year deal and 250 kta throughput. Those are big numbers. I thought, "What do these guys know t...

Full article: http://www.theoildrum.com/node/9193

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