Trade Finance TV: What next for refineries?

Deutsche Bank, TXF and BloombergNEF in the studio

Against the backdrop that annual investment in clean energy needs to double to US$5trn a year to reach net-zero, according to the International Energy Agency, what does this mean for today’s refineries while the world transitions away from fossil fuels?

At US$300bn over the next decade, this is a level of refinery investment amounting to half of that seen over the past two, says Anastacia Davies of BloombergNEF, who joins Trade Finance TV by video link. However, most of this investment is being seen East of Suez.

Demand for refined products such as aviation fuel is not looking set to fall anytime soon, and as some refineries face crude supply issues, refinery margins are rising – one of the outcomes of the current political tensions. We see some refineries investing heavily in carbon reduction/capture technology, and in the processing of biofuels. Is this the future of refining? asks Co-Presenter Hesham Zakai of TXF.

Refinery utilisation in the US is more than 90%. In addition, notes Deutsche Bank’s Sandra Primiero, some crude producers are looking at vertical integration and building their own refineries – Nigeria and Angola being two examples.

Tune into Trade Finance TV to hear more about the dynamics of refineries, how investment is being financed, and the outlook for meeting net-zero pledges in the current climate of supply and demand.


  • Sandra Primiero, Global Head of Natural Resource Finance, Deutsche Bank AG
  • Anastacia Davies, Head of Oil Supply and US Oil, BloombergNEF.


  • Hesham Zakai, Managing Director, TXF
  • Clarissa Dann, Editorial Director, Deutsche Bank AG

Published on May 24, 2022