01 Jul 2020
Posted in Oil & Gas
Asia to spearhead global refinery CDU capacity additions through 2024, forecasts GlobalData
Asia is expected to have the highest crude distillation unit (CDU) capacity additions, contributing about 42% of the global CDU capacity additions by 2024, says GlobalData, a leading data, and analytics company.
The company’s report, ‘Global Capacity and Capital Expenditure Outlook for Refineries, 2020−2024 – Asia Dominates Global Refinery CDU Capacity and Capex Outlook’, reveals that Asia is likely to witness a total CDU capacity of 2.7 million barrels per day (mmbd) by 2024. Out of which, the capacity of planned projects that have received necessary approvals for development account for nearly 1.3 mmbd.
Soorya Tejomoortula, Oil and Gas Analyst at Globaldata, comments: “Asia is expected to witness the start of operations of 11 new-build CDU refineries by 2024. Of these, eight are planned and the remaining three are announced refineries. China’s Yulong and Jieyang are the largest upcoming CDU refineries in the region, each with a capacity of 400 thousand barrels per day (mbd) by 2024.”
GlobalData identifies Middle East as the second highest contributor to the global CDU capacity additions contributing around 23% by 20204. All the six upcoming projects in the region are planned projects. Al-Zour in Kuwait is the largest upcoming CDU refinery in the region with a capacity of 615 mbd by 2024. Jizan in Saudi Arabia is the second largest upcoming CDU refinery with a capacity of 400 mbd.
Africa ranks third across the globe contributing about 18% of world’s CDU capacity additions during the outlook period 2020–2024. The region has 12 upcoming projects, of which nine are planned and three are announced. Lagos I is the largest upcoming CDU refinery in the region with a capacity of 650 mbd by 2024.