This report summarizes two years ofintense activity dedicated to the study of the issuesconfronted by the refining industry in Latin America and theCaribbean. Following the program for phasing out of leadfrom gasoline and convinced of the importance to progresswith the harmonization of oil product's technicalspecifications, the organizations--OLADE, ARPEL, and theWorld Bank--decided to jointly carry out a regional study onthe refining sector, its anticipated changes, capitalrequirements, and related financial needs. For the next twoor three decades, all projections of energy consumptionconfirm that liquid fuels will meet most of the energydemand of the transport and commercial sectors. Theregion's refineries will have to respond to a growingdemand for cleaner products, essential to fuel modernengines and preserve air quality. As well, supported bylarge reserves, natural gas will continue penetrating theelectricity and industrial sectors in Latin America. Theconfiguration of the refineries should also conform to thistrend. Developing a competitive refining industry is ofcritical importance to the regional integration process.Despite the current difficulties, economic growth andintra-regional trade in Latin America will continue toexpand. To survive many refining companies should have toevolve from supplying in exclusivity national markets tocompeting in the increasingly open regional market.
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