China set to dominate Asian refining industry by contributing 44% of new-build capacity growth by 2024, says GlobalData

China is expected to lead the Asian refining industry by contributing about 44% of refining capacity additions from planned and announced (new-build) projects by 2024, says GlobalData, a leading data and analytics company.

The company’s report, ‘Global Refining Industry Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Refineries ’, reveals that China is expected to add 2.3 million barrels per day (mmbd) of planned and announced crude oil refining capacity by 2024. Out of this, 1.3 mmbd comes from the planned projects, while the rest of 1 mmbd is from the announced projects.

Adithya Rekha, Oil and Gas Analyst at GlobalData, comments: “In China, a total of 9 upcoming refineries are expected to start operations between 2020 and 2024. Among these, five are planned refineries and four are announced refineries. The Jieyang refinery will be the major upcoming refinery in China with refining capacity of 400 mbd. It is expected to start operations in 2021.”

IMAGE FOR PUBLICATION – Please click this link for the chart

GlobalData expects Malaysia and Sri Lanka to jointly be the second largest countries in Asia in terms of planned and announced refining capacity additions. Both the countries are expected to add 620 thousand barrels per day (mbd) of refining capacity each by 2024.

The Hambantota III refinery is the largest upcoming refinery in Sri Lanka with the refining capacity of 420 mbd in 2024, while the Pengerang I refinery is one of the major upcoming refineries in Malaysia with a capacity of 300 mbd in 2024.

Pakistan will be the third largest among the countries in Asia with planned and announced refining capacity of 535 mbd in 2024. The Khalifa refinery is the largest upcoming refinery in Pakistan. It is an announced refinery with an expected refining capacity of 250 mbd. It is expected to commence operations in 2023.

More Media