Dynamics of the European refining and petrochemical industry. Strategies, structure and change

The changes in the market position of producers engaged in the oil refining and basic petrochemical industry on the Western European market are the central theme of this book. Analysis of this reshuffling process among these actors is conducted on three levels. First, research is carried out at the level of world regions. In order to understand the reorganization of oil refining and basic petrochemical production in Western Europe, it is necessary to explore the recent aggregate dynamics of these activities on a global scale. Second, the differences in strategic behaviour are exanuned at the level of groups of market participants, namely the major oil companies, the chemical companies, the state-owned companies from both consumer and producer countries, and the independents. Finally, the investment/disinvestment decisions in the Western European oil refining and basic petrochemical industry are investigated at the level of the individual firm. Particular emphasis is placed upon explaining why companies active in the sectors under study have followed different strategies, although they have been confronted with similar adverse market conditions in Western Europe during the last decades. 341 refs