European oil refineries profitability to drop off

While BP, Shell and Total have revealed a significant rebound in refining margins from the last three months of 2009 in their Q1 results this week, analysts say this will be short-lived, as maintenance turnarounds finish in the region. Pressure on refining margins is expected to last for a further two years.

"There will be some improvement this year, but it won't be significant," says Eugen Weinberg, head of commodity research at Commerzbank. "Most of the refinery capacity will still be

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