PRAGUE, July 2 (Reuters) - Czech downstream oil processor Unipetrol said on Monday its loss-making unit Paramo will end crude oil processing due to low demand, though maintain its production of asphalts, oil products and lubricant.
“Paramo refinery was increasing its losses in recent years. Negative business results were caused by unfavourable macroeconomic conditions, low refining margins, refining over-capacity in Europe, but also by low complexity and capacity of the (Paramo) refinery,” Paramo’s Chief Executive Milan Kuncir said.
Unpetrol is majority owned by Poland’s PKN Orlen. (Reporting by Jan Korselt; editing by Jason Neely)