Oil refiners struggle for financing as banks shun fossil fuels
Oil refiners are finding it harder to secure funding for projects as more banks shy away from fossil-fuel financing, with plant owners now pressed to show their businesses have cleaner-energy goals.
By Elizabeth Low / Bloomberg
While the business is still profitable, getting financing is increasingly challenging, according to Alwyn Bowden, chief executive officer of Malaysia’s Pengerang Energy Complex. From the point of view of many lenders, “if you have the word ‘refinery’ anywhere in your title, you’re not going to get finance,” Bowden told the Asian Downstream Summit in Singapore.
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