As a key contributor to the EU’s economy, the refining industry in Europe should be enabled to compete on a level playing field with other global actors. Thus, policy action taken by the EU should set targets whilst avoiding distorting the market and allow the market to determine the best way to reach them, create conditions for a competitive European industry, and remain technology-neutral.
We support EU policy action that
Upholds free markets: EU policy should foster the functioning of the free market, rather than artificially distort it, which will only limit the competitiveness of EU industry.
Ensures access to energy at globally competitive prices: Encouraging exploration and production of indigenous conventional and unconventional resources and expanding LNG imports would give European industry access to energy at a globally competitive cost.
- Balances demand trends: EU policy should ensure a level playing field for fuels, without favouring one fuel over another, and should ensure tax levels are directly proportional to the energy content of different energy products.
- Avoid over-regulation: EU policies should not add unnecessary costs for the refining sector. Punitive EU regulation should not cause refineries to exit Europe. EU policies should be transparent, predictable and based on cost/benefit analysis.
- Set targets and allow for flexibility: Goal-based legislation is the most cost-effective way to achieve EU environmental and climate ambitions. Rather than prescribing detailed measures, EU policy should determine targets whilst allowing refiners to compete, innovate and invest to reach that goal.