Europe's oil industry faces massive environmental bill

Existing environmental legislation will oblige Europe's oil companies to invest US$10 billion by around the end of the century. But the figure could rise to over $70 billion if all the new measures under consideration were to be implemented.

These figures emerged at the Financial Times Petroleum and Gas conference in Amsterdam on 4-5 November amidst dire warnings of the consequences for oil refiners if all the regulatory ideas now in the pipeline were to reach the statute book.

The oil industry and the European Commission are now in a period of analysis which is expected to influence how far and how fast Brussels pursues the potential legislative agenda. The Commission has ju

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