Global refining capacity to soar by 2020

Refining capacity worldwide is expected to reach nearly 115,000 mbd over the next five years

Refineries are expected to account for a major market share.
Refineries are expected to account for a major market share.

The global refining capacity is expected to reach nearly 115,000 mbd by 2020, with Chinese refiners expected to add a significant proportion of new capacity, a recent report has found.

Last year saw the largest global refinery throughput increase since 2010, more than double the ten-year average (450Kb/d) and outpaced demand growth for the first time since 2008, according to BP's refinery capacity data.

Global refinery capacity expanded by 1.3Mb/d, slightly above the ten-year average growth of 1.1Mb/d. The increase was driven by new refineries in China (790Kb/d) and the Middle East (740Kb/d), the data said.

The US recorded its largest increase in crude runs since 1986. However, global average refinery utilisation remained at 79.6%, the lowest since 1987.

US upgrading refining margins were above average while margins in Europe and Asia were below average in 2014.

Some of the largest crude oil refineries in the world include the Reliance Jamnagar Refinery in India, the Paraguana Refining Center in Venezuela, the Ulsan Refinery in South Korea, the Yeosu Refinery and the Onsan Refinery also in South Korea, the Port Arthur Refinery in the US, Exxon Mobil's Refinery in Singapore and its refinery in Baytown, Texas, US, etc.

 

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