China to account for 44% of Asia’s crude oil refining capacity in 2023, says GlobalData

The company’s report, 'China Crude Oil Refinery Outlook to 2023’ reveals that the total refining capacity of China in 2018 was 15.994 million bpd, which was 46% of Asia's total refining capacity in 2018. The country’s total refining capacity is forecast to increase at an average annual growth rate (AAGR) of 4.5% to 20.035 million bpd in 2023. China’s planned crude oil refining capacity is also expected to increase from 460 000 bpd to 3.721 million bpd during the outlook period.

Soorya Tejomoortula, Oil & Gas Analyst at GlobalData, comments: “China is expanding its refinery capacity due to its industrial growth, and growing demand from the transportation sector. The refining capacity additions will drive China’s crude imports, and will further improve the country’s capability to export petroleum products.”

GlobalData also forecasts that China’s total crude distillation unit capacity will increase from 15.954 million bpd in 2018 to 19.994 million bpd in 2023. There will be no condensate splitter capacity additions in China during the outlook period, which will remain the same at 36 000 bpd.

The country’s total coking capacity, catalytic cracker capacity and the hydrocracking capacity is expected to increase during the outlook period. The total coking capacity is expected to increase from 1.991 million bpd in 2018 to 2.371 million bpd in 2023. China’s total catalytic cracker unit capacity is expected to increase from 4.359 million bpd in 2018 to 5.532 million bpd in 2023. Over the five year period, the hydrocracking unit capacity of the country is set to increase to 2.922 million bpd from 1.846 million bpd.

China has a total of 179 active crude oil refineries and around 12 planned and announced refineries are expected to commence operations by 2023. The top three active refineries in China, in terms of the crude distillation unit capacity, are Maoming, Zhenhai and Huizhou with 472 000 bpd, 462 000 bpd and 440 000 bpd, respectively. Dayushan Island refinery will be the largest planned refinery with planned crude oil refining capacity of 800 000 bpd in 2023, followed by Dalian III and Jieyang with 400 000 bpd each.

Read the article online at: https://www.hydrocarbonengineering.com/refining/17012019/china-to-account-for-44-of-asias-crude-oil-refining-capacity-in-2023-says-globaldata/