Latin America has historically been home to both a large population and large refining base. However, decades of underinvestment and economic turmoil, coupled with overseas competition has seen regional players struggle to service domestic demand. Recent efforts to boost the continent’s refining capacity have failed, with Limetree Bay refining in St Croix the latest casualty, whilst Petrobras has sought to divest some refining assets. Just one credible refining project exists, with Pemex developing a greenfield project in Dos Bocas. So, what does this mean for regional tanker trade over the medium term?
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