China Leads Asia with Highest Refinery Capacity
- Asia has the highest refinery capacity in the world with more than 35% share due to strong demand for petroleum and petrochemical products from its growing economies such as China and India
- China leads Asia in terms of upcoming refinery capacity additions by 2026. Strong demand for gasoline, diesel and plastics are some of the key factors driving refining capacity additions in the country
- India stands second in terms of upcoming refinery capacity of 1,607 thousand barrels per day (mbd) from new build and expansion refineries. Vadinar is the largest project in the country that is expected to add a capacity of 515 mbd in 2024
China has close to 50% share in Asia’s active refinery capacity in 2022 with a capacity of 18,221 mbd. The country would witness capacity additions of 3,442 mbd from new build and expansion projects during 2022 to 2026. Yulong and Jieyang are the two major upcoming refinery projects that are expected to start operations in 2023 and 2022 with a capacity of 400 mbd each.
Presently, India accounts for 14% of the total active (operational) refinery capacity in Asia and would account of 21% of the total capacity additions in Asia by 2026.
South Korea accounts for 9.4% of the total active (operational) refinery capacity in Asia. Daesan I refinery is the only expansion project in the country with a capacity of 200 mbd.
The fourth-largest contributor to Asia’s active refinery capacity is Japan with 8.9% share with a capacity of 3,338 mbd in 2022.
Another important contributor to the Asia’s active refinery capacity is Singapore with 3.6% share. Thailand, Indonesia, Taiwan and Malaysia are other notable countries with each country contributing about 3% share. These countries are expected to collectively add capacity additions of 901 mbd from new build and expansion projects.
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