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According to the latest analysis by ICIS, at least 6.
6 million tons/year of ethylene capacity in Europe is affected by the reduction or shutdown of refineries, accounting for 26% of European ethylene capacity
.
Ethylene is produced by refinery crackers, which have been hit as demand for petroleum products, including jet fuel, plummeted as coronavirus-related restrictions cut off road and air transport and the aviation industry across the region has stalled.
.
These ethylene crackers may be forced to reduce operating rates or shut down because they rely on naphtha or liquefied petroleum gas (LPG) feedstocks from the refineries they connect to
.
ICIS analysis shows that the 6.
6 Mtpa production represents about 50% of the relevant steam cracking capacity of European refineries and 26% of the region's steam cracking capacity
.
The production capacity of propylene is 5.
9 million tons/year, and the capacity of benzene is 4 million tons/year
.
Analysts have learned that about 6.
5 million bpd of refining capacity is not yet at rated capacity
.
There are some planned shutdowns, but most are due to the pandemic and related lockdowns reducing fuel demand
.
Michael Connolly, a senior advisor to ICIS's global refining team, said: "In fact, the drop is almost certainly higher, and could be as much as 5 million barrels per day considering sites that don't share such information
.
Refinery utilization ranges from 50%-60%, which reflects the typical minimum load for most distillation units
.
However, the cracker directly related to it may be able to operate at a higher utilization rate than this
.
