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Asia to contribute 40% of new-build refining capacity growth

Published by , Editorial Assistant
Hydrocarbon Engineering,

Asia is expected to lead the global refining industry by contributing about 40% of refining capacity additions from planned and announced (new-build) projects between 2020 and 2024, says GlobalData.

The company’s report, ‘Global Refining Industry Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Refineries’, reveals that Asia is expected to add 5.3 million bpd of planned and announced crude oil refining capacity by 2024. Out of this, 2.8 million bpd comes from the planned projects, while the remainder is from the announced projects.

Adithya Rekha, Oil and Gas Analyst at GlobalData, comments: “In Asia, about 47 planned and announced refineries are expected to start operations between 2020 and 2024.Among these, 18 are planned refineries and 29 are announced refineries. The Hambantota III refinery in Sri Lanka is the largest upcoming refinery in Asia with the refining capacity of 420 000 bpd. It is expected to start operations in 2024.”

GlobalData expects Middle East to be the second largest region in terms of planned and announced refining capacity. The region is expected to have 3.5 million bpd of refining capacity by 2024. Within the region, Iran will have the highest planned refining capacity of about 1.3 million bpd by 2024. The Al-Zour refinery in Kuwait is the largest upcoming refinery in the Middle East region with a planned refining capacity of 615 000 bpd.

Africa will be the third largest among the regions in terms of planned and announced refining capacity over the outlook period 2020 – 2024. Within the region, Nigeria, South Africa and Egypt are expected to be the major contributors with planned and announced refining capacities of 1.8 million bpd, 445 000 bpd and 209 000 bpd, respectively, by 2024. The Lagos I refinery in Nigeria is the largest upcoming refinery in the region with planned refining capacity of 650 000 bpd.

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Downstream news Oil refinery news