Nationwide lockdowns across the Asia Pacific region to curtail the spread of Covid-19 has resulted in a steep decline in demand for transportation fuel. This has resulted in piling up of stocks and higher inventory costs, which have forced refineries in the Asia Pacific to look for alternative strategies to reduce losses. Capping production capacities, cutting capital expenditure and stalling avoidable projects have become a norm for several refiners to conserve cash and sustain the crisis.
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