30JUL2019 - NEWS - Galp sees IMO refining margin boost in rest of 2019

The company's refining margin has been "clearly recovering" in July, according to chief executive Carlos Gomes da Silva, and should comfortably be above $4/bl for the rest of the year. The firm cut its estimate for average refining margins in 2019 to $4/bl from $5-6/bl previously after a difficult second quarter.Gomes said increased demand for marine fuels compliant with the International Maritime Organisation (IMO) global cap on sulphur emissions will come largely in October-December, although he said the firm was too hasty in expecting a widening of middle distillate spreads earlier in the year. The IMO cap comes into force on the first day of 2020.