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Total sees more refiners closing in Europe beyond 2015

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 7 (Reuters) - More oil refineries need to close in Europe to shrink ovecapacity despite good refining margins seen over the past year, the president of French oil major Total (Swiss: FP.SW - news) 's refining and chemical unit said on Wednesday.

Philippe Sauquet told the Oil & Money conference in London that Europe's refining capacity has shrunk by 1.5 million barrels per day in 2015, which could be sufficient for the near future but might not be enough for the next five years. (Reporting by Karolin Schaps and Dmitry Zhdannikov; Editing by Keith Weir)