GlobalData: China to dominate Asia and Oceania’s refinery capacity growth by 2024

The company’s report, ‘Refining Industry Outlook in Asia and Oceania to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Refineries’, reveals that refining capacity in Asia and Oceania is expected to increase by 3.6 million bpd from 37.0 million bpd in 2019 to 40.6 million bpd in 2024 at an average annual growth rate (AAGR) of 1.9%. Out of Asia and Oceania’s total capacity additions, 2.0 million bpd is expected to come from new-build planned projects, while the remaining 1.6 million bpd is likely to come from the expansions of active/operational projects.

Adithya Rekha, Oil and Gas Analyst at GlobalData, comments: “Out of China’s total refinery capacity additions of 2.6 million bpd by 2024, 1.2 million bpd is likely to come from expansion of active projects and the rest 1.4 million bpdd is expected to be contributed by new-build projects by 2024. Among the refineries in China, Dayushan Island, Yulong, and Jieyang are the major refineries, accounting for most of the capacity additions in the country with a combined total of 1.2 million bpd by 2024.”

GlobalData expects India to occupy the second place in terms of refinery capacity additions in Asia and Oceania by 2024. India is expected to contribute about 21% of Asia and Oceania’s refinery capacity growth, adding about 748 million bpd by 2024. Among the refineries in India, Barmer and Nagapattinam II refineries account for most of the capacity additions with 180 million bpd each by 2024.

Rekha concludes: “Thailand will be the third-highest country in Asia and Oceania to add about 125 000 bpd by 2024 from the expansion of Sriracha I refinery.”

Read the article online at: https://www.hydrocarbonengineering.com/refining/19102020/globaldata-china-to-dominate-asia-and-oceanias-refinery-capacity-growth-by-2024/