Global Refining Industry Outlook to 2023 - Capacity and Capital Expenditure Forecasts with Details of All Operating and Planned Refineries
Summary Global crude oil refining capacity is expected to increase at an average annual growth rate (AAGR) of 4% from 102,603 thousand barrels of oil per day (mbd) in 2018 to 125,163 mbd in 2023. A total capex of around US$648bn is expected to be spent globally to construct new-build refineries and for expansion of the existing refineries during the forecast period.
Asia is expected to lead the global refining industry, both in terms of capacity as well as capital expenditure (capex), between 2019 and 2023.Developing countries such as India and China will drive the refinery capacity additions in Asia due to their growing economies, and spiraling demand from the transportation sector.
The strong capacity expansion program will also enable these countries to increase petroleum products exports.
Refining capacity in Asia is expected to increase from 34,050 mbd in 2018 to 43,365 mbd in 2023 at an AAGR of 4.8%. Between 2019 and 2023, 45 new refineries are expected to become operational in Asia. The region has a capex of around US$267bn for construction of new-build refineries and for expansion of existing refineries during the period. Within the region, China will have the highest refining capacity of around 19,354 mbd by 2023.
North America is the second largest region in terms of refining capacity.The region is expected to have 25,114 mbd of refining capacity by 2023.
It is followed by Middle East as the third largest among the regions in terms of refining capacity as well as new-build and expansion capex spending on active, planned and announced refineries over the four-year period.Within the region, Iran and Saudi Arabia are expected to be the major contributors with refining capacity of 3,660 mbd and 3,266 mbd, respectively.
The region plans to spend around US$98bn on the active and upcoming refineries between 2019 and 2023.
In terms of refining capacity, among upcoming refineries globally, Dayushan Island refinery in China, Lagos I refinery in Nigeria and Al-Zour refinery in Kuwait lead with 800 mbd, 650 mbd and 615 mbd, respectively.In terms of new-build capex on upcoming refineries globally, Dubose Flats refinery in Canada and Tabi refinery in Angola will lead with US$14bn each.
The Vadinar refinery in India will lead in terms of expansion capex spending with US$12bn during the outlook period.
"Global Refining Industry Outlook to 2023 - Capacity and Capital Expenditure Forecasts with Details of All Operating and Planned Refineries", is a comprehensive report on the global crude oil refining industry. The report provides refinery details such as the refinery name, country, and refinery operator name, with in-depth coverage on crude distillation unit or, CDU capacity and other major unit capacities for all active, and new-build (planned and announced) refineries.
The report also provides global and regional refinery capital expenditure outlook by key countries, year on year, till 2023.The report also provides comparison of key countries based on contribution to global as well as regional refining capacities.
Further the report also offers recent developments and latest contracts awarded in the refining industry across different regions.
Scope - Updated information relating to all active and planned refineries - Provides historical data from 2013 to 2018, forecast to 2023 - Information on CDU, condensate splitter, coking, catalytic cracker and hydrocracking capacities by refinery and country - Provides operator information for all active and planned refineries - Latest developments and contracts related to refineries across different regions globally.
Reasons to buy - Obtain the most up to date information available on all active and planned refineries globally - Identify growth segments and opportunities in the industry - Facilitate decision making on the basis of strong historical and forecast of refinery and unit capacity data - Assess your competitor’s refining portfolio.
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