Anyone heard any rumors about Convent?
3 replies (most recent on top)
It's shutdown. What other rumors were you hoping for?
Nothing. Seems like Convent staff are searching for positions elsewhere and they have shut the facility down. Not even sure if they will use it as a terminal. I would be very surprised if there was anyone out there with the appetite to buy a refinery with the pandemic and EV vehicles eroding demand for gas, diesel and jet. I would predict that there will be more refineries shutting down in 2021. It will only take one major incident for many of these refineries to trigger a close down, similar to what happened at PES in Philadelphia. The market lost 335 k bbls/day of refining capacity and didnt even blink as it is well over supplied.