Asia Pacific refinery sector to see growth

A new report from GlobalData has shown that the refining sector in the Asia-Pacific region is set to grow, driven by rising demand for refined products in the region, especially India & China. China is likely to dominate though with many new refineries planned for the region.

The new report shows that India and China were the top markets for refined products in 2011, with state-owned companies such as PetroChina and Indian Oil Corp. dominating the sector. State owned entities accounted for 89.2% of refining capacity in China and 50% in India through 2011.

Asia-Pacific will witness the addition of a further 21 new refineries during 2012-2016, accounting for approximately one third of all refinery capacity additions planned across the world. China and India will lead the refinery capacity additions in the region during the period, with China scheduled to add seven new refineries by 2016, while India will add three. Indonesia, Malaysia, Mongolia and Pakistan will also add two refineries each.

China accounted for 31.4% of the region’s total refining capacity in 2011 with 459.8 million tpy of capacity, the country is expected to continue this dominance and add a further 122.4 million tpy of capacity by 2016.

The refining capacity of Asia-Pacific is expected to witness an average annual growth rate of 3.4% during the period 2011 - 2016, with the region’s refining capacity increasing from 1,464.7 million tpy in 2011 to 1,738.3 million tpy in 2016. The share of the region’s refining capacity in the global refining capacity was recorded as 31.4% in 2011, and is anticipated to increase slightly to 31.7% by 2016.

Adapted form press release by Peter Farrell.

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