China and Nigeria are expected to be the major contributors to the global growth of refining industry capacity in planned and announced projects between 2019 and 2023, according to GlobalData, a data and analytics company
The company’s report: ‘Global Planned Refining Industry Outlook to 2023 – Capacity and Capital Expenditure Forecasts with Details of All Planned Refineries’ revealed that the total global planned and announced refining capacity in 2023 will be 17,882 thousand bopd.
Between 2019 and 2023, 158 new refineries worldwide are scheduled to start operations. Total new-build capital expenditure (capex) of around US$520bn is expected to be spent globally on planned and announced refineries.
China is the global leader in planned refining during the forecast period, with 3,121 thousand bopd from 10 planned and announced refineries. The country has planned and announced a new capex of US$53.2bn to be spent on the upcoming refineries over the next four years.
GlobalData identifies Nigeria as the second largest country in terms of capacity additions. By 2023, the country is expected to add around 2,225 thousand bopd of refining capacity. It has a planned and announced new building capex of US$40.5bn to be spent on upcoming refineries during the outlook period.
Iraq will be the third largest country with 1,190 thousand bopd refining capacity additions from planned refineries. Between 2019 and 2023, the country plans to spend around US$41bn on the upcoming refineries.
In terms of refining capacity, Dayushan Island refinery in China, Lagos I refinery in Nigeria and Al-Zour refinery in Kuwait will lead with 800 thousand bopd, 650 thousand bopd and 615 thousand bopd respectively.
In terms of the planned and announced capex, Dubose Flats refinery in Canada and Tabi refinery in Angola will lead with US$14bin each. The Ratnagiri refinery in India follows with US$13.5bn during the outlook period.
