Europe downstream oil in brief: Exxon's Italian balancing act Report

Insight 25 May 2018

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Report summary

Algeria's state-owned oil company Sonatrach has agreed to buy the Augusta refinery in Italy from Esso Italiana, a subsidiary of ExxonMobil. The move helps support Exxon's wider strategy to transition to a more capital efficient model. For Sonatrach, the deal will enable the firm to process domestic Algerian crude to help alleviate the country's oil product deficit. Our North West Europe Brent and Med Urals FCC gross refining margins strengthened in April but remain at the bottom of the seasonal range. Fuels marketing margins continued to be squeezed as crude prices rise.

Downstream M&A activity
- Exxon's Italian balancing act represents a wider company drive to a more capital efficient model
- A more balanced outlook
- The bigger picture
Margins
- Refining margins
- Fuels marketingmargins