The expansion of the Crude Distillation Unit (CDU) at the Vadinar refinery in India is the largest upcoming refinery capacity additions project in APAC by 2026. To be operated by Nayara Energy Ltd, the project would start operations in 2024 with a capacity of 515 thousand barrels per day (mbd). Though the refinery mainly caters to the domestic Indian market, it also exports refined products to countries such as Australia. However, plans for the refinery could be impacted by the Russian invasion of Ukraine and the resultant international sanctions as Russian oil major, Rosneft Oil, which has a 49.1% equity stake in the project. Already Singapore-based Trafigura Group, which has 24% equity in the refinery, is planning to sell its stake.
China has the next top-four upcoming refineries in APAC in terms of refining capacity by 2026. Of these, Jieyang and Yulong are the second-largest upcoming refineries in the region with each of the refineries expected to add a capacity of 400 mbd. Petrochina Pdvsa Guandong Petrochemical is the operator of the Jieyang project, while China National Petroleum Corp and Petroleos de Venezuela SA have 60% and 40% equity stakes respectively. The project is expected to start operations in 2022.
The Yulong project is expected to start operations in 2023 with Shandong Yulong Petrochemical Ltd being the operator as well as 100% equity stakeholder of the project. Both Jieyang and Yulong refineries help to meet the rising demand for plastics and petroleum products in the country.
The third-largest upcoming refinery project in APAC is the Gulei refinery in China. To be operated by Fujian Gulei Petrochemical Co Ltd, the refinery has a capacity of 320 mbd and is expected to start operation by 2025. China Petrochemical Corp (25%), Fujian Petrochemical Industrial Group Company Ltd (25%), and Taiwan Xuteng Investment Co Ltd (50.00%) are the equity stakeholders. The refinery would help to produce petrochemicals such as ethylene glycol, styrene, and polypropylene. Industries such as plastics, textiles, rubber, electronics, etc. in and around the vicinity of Zhangzhou city would benefit from the refinery project.
Panjin II and Caofeidian IV refineries in China stand next with a capacity of 300 mbd each. North Huajin Refining and Petrochemical Co Ltd is the operator of the Panjin II refinery and is expected to start operations by 2024. Aramco, the Saudi Arabian state oil company, has 24% equity in the refinery and plans to supply crude form its fields once the project commences operations. Aramco is investing in refineries in developing countries to ensure secured demand for its crude oil.
Tangshan Xuyang Petrochemical Co Ltd is the operator and 100% equity stakeholder of the Caofeidian IV refinery. The project is expected to commence operations by 2026. The refinery plans to provide hydrogen and petrochemicals to meet demand in the Hebei Province.
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