Refining & Petrochemicals

The Refining & Chemicals segment constitutes a large industrial group that encompasses refining, petrochemicals, and specialty chemicals operations. This segment created on January 1, 2012 (1), following the reorganization of the Downstream and Chemical segments, also includes Trading & Shipping activities.

  • Among the world’s ten largest integrated producers (2)
  • Refining capacity of approximately 2.2 Mb/d at year-end 2014
  • One of the leading traders of oil and refined products worldwide
  • €2billion invested in 2014
  • 50,534 employees present

Refinery throughput

Gra^hic : Refinery throughput

In 2014, refinery throughput increased slightly by 3% compared to 2013, essentially due to the startup of the SATORP refinery in Saudi Arabia.

Refining & Chemicals segment financial data

Table : Refining & Chemicals segment financial data

In 2014, adjusted net operating income from the Refining & Chemicals segment was 2,489 M$, an increase of 34% compared to 2013 while the refining margin increased by only 4% to 18.7 $ / t in 2014 compared to 17.9 $ / t in 2013. The synergies and efficiency plans are bearing fruit and the segment was able to adapt to the lower European margins in the first half and subsequently take advantage of a more favorable refining and chemicals environment in the second half of the year. The petrochemicals environment was more favorable in 2014, especially in the United States.

The year also saw the successful startup of SATORP, which has operated at full capacity since August 2014 and represents a new strategic platform for the Group.

With a ROACE(3) of 15.0% for the full year 2014 compared to 9.2% for the full year 2013, the segment attained its profitability objective one year earlier than planned.

 

(1) As a result of the reorganization, certain information has been restated.
(2) Based on publicly available information, production capacities at year-end 2013.
(3) Calculated based on adjusted net operating income and average capital employed, using replacement cost.