A new report reveals that China and Nigeria are expected to be the major contributors to the global refining industry capacity growth between 2019 and 2023.
According to the report by GlobalData, a leading data and analytics company, the projects planned and announced by the two countries for the five-year period show the duo will take the lead in refining growth from by then.
The total global planned and announced refining capacity in 2023 will be 17,882 thousand barrels off oil per day (mbd) according to report titled, “Global Planned Refining Industry Outlook to 2023 – Capacity and Capital Expenditure Forecasts with Details of All Planned Refineries’’
Also, 158 new refineries are planned to start operations between 2019 and 2023 with a total global new-build capital expenditure (capex) of around US$520bn.
The five-year outlook identifies China as taking the lead as the country has planned and announced 3,121mbd additions together with 10 planned and announced refineries of which it will spend US$53.2bn on.
Nigeria will be the second largest in terms of refining capacity additions as it is expected to add around 2,225 mbd by 2023 with an announced new-build capex of US$40.5bn to be spent on upcoming refineries during the period.
The third country will be Iraq, with 1,190 mbd refinining capacity with US$41bn it plans to spend on the projects.