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 barrels per day (mmbd) of planned and announced crude oil refining capacity by 2024. Out of this, 2.8 mmbd comes from the planned projects, while the remainder is from the announced projects.
GlobalData expects the Middle East to be the second largest region in terms of planned and announced refining capacity. The region is expected to have 3.5 mmbd of refining capacity by 2024. Within the region, Iran will have the highest planned refining capacity of about 1.3 mmbd by 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 mmbd, 445 mbd, and 209 mbd, respectively, by 2024.
