A quarter of the world’s oil refineries risk closure by 2035 if governments meet targets to limit fossil fuel burning in the fight against global warming, a report released on Thursday said. A surge in electric vehicle sales and higher efficiency in internal combustion and jet engines are expected to slow demand growth for fuels such as gasoline, diesel and aviation fuel in the coming decades, potentially putting pressure on refining profits. At the same time, governments around the world are set to introduce legislation in the coming years to limit emissions of heat-capturing carbon dioxide into the atmosphere in order to meet targets set at a U.N-backed Paris conference in 2015. As a result, companies such as Chevron, Royal Dutch Shell, France’ Total and China’s largest refiner Sinopec could see profits from refining drop by 70 percent or more over the period, according to the […]