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Total Closes Flanders Refinery Permanently
Monday, March 08, 2010Printer Friendly Version
Total, Europe's third-largest oil company, has permanently closed its Flanders refinery after shuttering the facility in September due to weak demand for the company's downstream products. The refinery, which lost $178 million last year, will be dismantled through 2013, Bloomberg News reported.

Like many of its major oil brethren, Total (TOT) reported losses in its downstream operations when it delivered fourth-quarter results earlier this year. Total employees went on strike when the company said it would close refineries amid weakness in that business.

Total, Europe?s biggest refiner plans to reduce its global daily oil-processing capacity by about a fifth between 2007 and 2011, Bloomberg reported. Total plans to convert the Flanders refinery into a storage and training facility. Total has five other refineries in France.

A month-long strike that hampered fuel delivery ended last week only after Total agreed the Flanders refinery would be the only facility to be closed. Total is still evaluating the closure of some of its refineries outside France.

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