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1Refining margins have contracted significantly, with current margins at $5 per barrel, down from $10 last year, indicating potential for further downside if crude prices do not stabilize.
2Current capacity utilization is at 75%, below the historical average of 85%, indicating potential inefficiencies that could impact profitability.
3Recent regulatory changes in the EU may impose higher carbon taxes, which could increase operational costs significantly.
4Transition to renewable energy sources could reduce long-term demand for fossil fuels.
5Regulatory changes aimed at reducing carbon emissions may increase operational costs.
6Increased competition from other Mediterranean refiners could pressure margins.
7Emergence of alternative fuels could disrupt traditional refining business models.
8Low operating margins could strain cash flows during periods of low crude prices.