The Executive Vice-President of the Petroleum Equipment Institute Robert Renkes has said that the outlook for the petroleum equipment industry as a whole is positive, and that current economic indicators and business conditions tend to favour companies in the industry.
“There look to be more opportunities than potential pitfalls for the petroleum equipment industry in the foreseeable future, even after factoring in business lost due to the elimination of Stage II Vapour Recovery in 30,000 stations within the next few weeks,” he said, warning that the US economy and tensions in the Middle East are two factors that could potentially turn the tide should they persist.
“PEI members should be busy helping customers build and rehab stations, add E15, DEF and diesel to the fuel island, deal with the problems in ultra low sulphur diesel systems and prepare to offer fuels for the future, such as CNG and LNG. Were it not for a precarious national and world economy and the Mideast tensions near the boiling point, the outlook would be even rosier,” Renkes added.
PetrolWorld 12102012