Creates jobs in Europe: EU refining directly employs approximately 100,000 highly-skilled engineers, scientists and trade workers, with an additional 500,000 people indirectly employed in areas such as marketing and supply.
Is a major source of revenue: Every year, the EU refining industry contributes 240 billion euros to EU member state income through excise duties and taxes, corresponding to an average 7 per cent of national revenue in the EU-28.
Creates important products and raw materials: As well as creating products for transport and heating, refineries produce crucial materials used in other industries, including bitumen, lubricants, waxes, raw materials, and chemical feedstock.
Secures Europe’s energy supply: Oil will continue to be Europe’s most important source of energy in 2040, and EU refining ensures supply during short-term interruptions and imbalances.
Is a driver of innovation: The refining industry places first among European industries for process innovation and is among the most innovative industries for products. Technological development in the refining industry has helped the sector reduce its environmental footprint, enabling it to improve its energy efficiency at a rate of 1 per cent per year.