Europe defence spending revives oil refining sector
Rising European defence spending is helping to support the continent's shrinking oil refining sector. Refiners report increased demand from governments seeking energy resilience amid geopolitical tensions.
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European defence spending rose 75% to €418 billion ($472 billion) by 2025, throwing a lifeline to a refining sector that closed 30 plants since 2009. The surge in military budgets alters a decade-long industry contraction driven by environmental transitions. Refiners face renewed demand as governments prioritize fuel resilience for military hardware.
