The hottest global oil refining industry faces maj

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The global oil refining industry is facing major challenges

the research report released by Fitch international, a well-known rating agency, pointed out that due to the increasingly prominent imbalance between supply and demand of global oil refining products, the global oil refining industry will face major challenges in the medium and short term. This passage is summarized in engineering language. The report predicts that the working capital flow and credit indicators of global oil refining enterprises will be significantly reduced this year and next. Compared with the last recovery stage of the oil refining industry from 2005 to 2008, the utilization rate of global refineries is low and the refining profit is relatively weak. Mark sadzian, senior director of Fitch Ratings, believes that the U.S. oil refining industry began to enter recession in 2008 and contracted in 2009 (3). 5. Horizontal installation on a solid basis: the trend of maximum force, tightening strength, yield strength and elastic modulus spread to Europe and Asia in the first half of the year and has continued to this day. He also predicted that this recession may be more serious than the last one in 2002

akadiush vicik, director of the rating Department of the agency, said that for many refineries, the weak and cyclically affected working capital flow will be alleviated to a certain extent because enterprises implement more conservative financial policies such as cutting capital expenditure and shareholder dividends. He warned that if there is evidence to convince Fitch that the current downturn in the oil refining industry will be more lasting and the working capital flow of oil refining companies will further deteriorate, it may lead to further downgrades of some refineries

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