By Robert Harvey and Enes Tunagur

LONDON (Reuters) -European oil refineries are having to invest in energy transition projects as modern and more complex competitors in Asia, the Middle East and Africa have prompted plant closures in Europe, refining industry executives said on Wednesday.

“I suppose we’re all in a last man standing game to make sure we don’t close,” Essar managing partner Tony Fountain said, speaking at the Argus Global Markets conference in London.

Pressured by environmental regulations and competition from modern plants, European refineries have been trying to ramp up production of cleaner products such as sustainable aviation fuel and biofuels to meet regulatory demand for such fuels.

“The regulatory environment is not anymore just telling us what you can do. It is

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