Moody's: negative view for Asia Pacific refiners

Moody's Investors Service said it maintains its negative outlook for the refining and marketing industry in Asia Pacific over the next 12 to 18 months.

The negative view matches Moody's outlook for the sector elsewhere in the world, the agency said.

Business conditions for the sector are expected to weaken over the next 12 months as the impact of new refining capacity will likely outweigh improved demand seen in recent months, particularly from China and India, Moody's said.

While these signs of growth are encouraging, they follow major contraction that gathered pace from mid-last year until recent months, the agency said.

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