term supplies of crude oil will be available for their refineries. Whereas most refining capacity is located in consuming industrialized economies, in the near future, export-oriented refineries located in producing nations, close to their crude supplies, will have a competitive advantage," said Al-Buainain "Of course, these refineries also have the advantage of sending different product streams to different markets to realize the greatest returns," said Al-Buainain, "while also having the flexibility to capitalize on seasonal demand trends in various parts of the world." Given its proximity to both the industrialized economies of Europe and the fast-growing markets of the Asia-Pacific region, as well as the extensive petroleum infrastructure and supply networks that are already in place, the Middle East offers extraordinary opportunities in this area, he said. "Refining can be a tough business to be in," Al-Buainain said, "but it represents an indispensable link in the petroleum value chain, and is vital to our companies' continued ability to meet the growing demands of an energy-hungry world."
