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Refineries Capacity and Capital Expenditure Outlook, 2022-2026

Pages: 44 Published: March 01, 2022 Report Code: GDGE0398MAR

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The global crude distillation unit (CDU) capacity is at 105.6 million barrels per day (mmbd) in 2022. The market is expected to witness a growth of over 10% from 2022 to 2026. Asia’s CDU capacity is the highest among all regions globally followed by North America and Europe. Among countries, China, India, and Nigeria would be the top three countries globally for CDU capacity additions during the 2022 to 2026 outlook period.

Overview of the global refining industry

Overview of the global refining industry

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What are the major projects announced in the global refining industry?

The major projects announced in the global refining industry are as follows:

Otsego 

Otuasega is a hydroskimming-type refinery proposed in Nigeria with a total capex of $465 million. It is expected to start operations in 2025 with a capacity of 30 mbd. Yeringsco Refinery and Petrochemical Co Ltd is the operator as well as 100% equity holder of the refinery.

Kogo 

The topping-type Kogo refinery is proposed to come online in Equatorial Guinea in 2024 with a capacity of 20 mbd. The project has a total capex of $205 million.

Um-Dabakir 

The Um-Dabakir refinery is proposed to come online in Sudan in 2026. It is a topping-type refinery with a capacity of 20 mbd in 2026 and a total capex of $300 million.

Uturogu 

The Uturogu refinery in Nigeria is expected to start operations in 2023 with a capacity of 10 mbd in 2026. This topping-type refinery has a total capex of $102.5 million. ND Western Ltd is the operator of the refinery. Petrolin Group and FIRST Exploration & Petroleum Development Co Ltd are major equity holders with 44.95%, and 10.0%, respectively.

Ningo 

The Ningo refinery in Ghana is expected to start operations in 2026 with a capacity of 5 mbd in 2026. This topping-type refinery has a total capex of $51.3 million. Ningo Oil Refinery Ltd is the operator as well as 100% equity holder of the refinery.

What are the key regions of the global refining industry?

The key regions of the global refinery industry are Asia, Africa, the Middle East, North America, the Former Soviet Union (FSU), South America, Europe, and Oceania. Among these regions, Asia leads with the highest expansion capex globally followed by Africa and the Middle East.

Refining industry outlook in Africa

In Africa, the new build and expansion capex amount is expected to be spent by 22 countries during the 2022 to 2026 outlook period. About 22% of the region’s capex is expected to be spent by Nigeria alone, followed by South Africa. The key capex spending companies in the African refining industry on new build and expansion projects are Sonangol EP, Mestosync Energy, and Egyptian Petrochemicals Holding Co 

Refining industry outlook in Asia

More than 60% of the region’s capex is expected to be spent by India, China, and Indonesia. The key capex spending companies in Asia’s refining industry are Indian Oil Corp Ltd followed by PT Pertamina (Persero), and China Petrochemical Corp. 

Refining industry outlook in Europe

In Europe, 8 countries will be working on the development of both new build and expansion projects during the 2022-2026 outlook period. The key countries in the region are the UK, Serbia, and Spain. Compania Espanola de Petroleos SAU leads the key European companies list followed by China National Petroleum Corp and Ineos Ltd.

Refining industry outlook in the FSU

In FSU, Russia would be the top spender, accounting for more than 60% of the region’s capex followed by Georgia during the outlook period. Rosneft Oil leads among the companies in the FSU followed by Gazprom and Geopars Ltd. 

Refining industry outlook in the Middle East

Among the key countries in the region, Iraq and Iran together are expected to spend more than 63% of the region’s total capex. South Refineries leads the Middle East’s key companies list followed by Petro Tejarat Shahin Co and North Refineries Co.

Refining industry outlook in North America

Canada accounts for more than 50% of North America’s new build and expansion capex by 2026 followed by the US and Mexico. Pacific Future Energy and Sinocan Global Trade are the leading companies in this region.

Refining industry outlook in Oceania

In Oceania, Australia is the only country to spend the entire estimated capex on the Darwin condensate splitter-type refinery from 2022 to 2026. Darwin Clean Fuels Pty Ltd is the sole owner and operator of Oceania’s only upcoming refinery.

Refining industry outlook in South America

Brazil leads with the highest capex of more than 55% of South America’s capex on the development of upcoming and active refineries followed by Colombia and Ecuador. Refineria Colombiana Sebastopol SAS, Petroleo Brasileiro SA, and Noxis Energy Participacoes SA are the leading companies of the region.

Global refining industry, by region

Global refining industry, by region

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Which are the major companies in the global refining industry?

Some of the major refinery companies are Indian Oil Corp Ltd, PT Pertamina (Persero), China Petrochemical Corp, South Refineries Co, Sonangol EP, Sugih Energy International Pte Ltd, Saudi Arabian Oil Co, Rosneft Oil Co, Oil and Natural Gas Corp Ltd, and Mestosync Energy.

Among these companies, Indian Oil Corp Ltd has the highest share in the market followed by PT Pertamina (Persero) and China Petrochemical Corp.

Global refining industry, by major companies

Global refining industry, by major companies

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Market report scope

Market size (2022) 105.6 mmbd
CAGR   >10%
Forecast period 2022-2026
Key regions Asia, Africa, Middle East, North America, Former Soviet Union (FSU), South America, Europe, and Oceania
Key companies Indian Oil Corp Ltd, PT Pertamina (Persero), China Petrochemical Corp, South Refineries Co, Sonangol EP, Sugih Energy International Pte Ltd, Saudi Arabian Oil Co, Rosneft Oil Co, Oil and Natural Gas Corp Ltd, and Mestosync Energy

Scope

  • Refinery CDU capacity by region for the period 2016 to 2026
  • CDU new build and expansion capacity additions by key countries
  • New build and expansion capex of refineries by region, key countries, and companies
  • Regional new build and expansion capital expenditure outlook by key countries and companies
  • New build and expansion capacity additions by region for coking, FCC, and hydrocracker units
  • Key details of major new build refineries expected to start operations by 2026

Reasons to Buy

  • Obtain the most up to date information available on refineries globally

  • Facilitate decision making based on strong historical, and outlook of CDU capacity data

  • Develop business strategies with the help of specific insights about capex spending on refineries globally and by region

  • Keep abreast of key new build refinery projects globally

  • Assess your competitor’s new build refinery projects and capex

Table of Contents

Table of Contents

1. Global Refinery CDU Outlook to 2026 7

1.1 Key Highlights 7

2. Key Projects Announcements and Cancellations 8

2.1 Key Project Announcements 8

2.2 Project Cancelations 8

2.3 Stalled Projects 9

3. Global Refinery CDU Capacity and Capex Outlook 10

3.1 Global Refinery CDU Capacity by Region 10

3.2 New Build and Expansion Refinery CDU Capacity by Key Countries 11

3.3 New Build and Expansion Capex of Refineries by Region 12

3.4 New Build and Expansion Capex of Refineries by Key Countries 13

3.5 New Build and Expansion Capex of Refineries by Key Companies 14

4. Regional Capex Outlook by Country and Company 15

4.1 Africa – New Build and Expansion Capex of Refineries by Key Countries 15

4.2 Africa – New Build and Expansion Capex of Refineries by Key Companies 16

4.3 Asia – New Build and Expansion Capex of Refineries by Key Countries 17

4.4 Asia – New Build and Expansion Capex of Refineries by Key Companies 18

4.5 Europe – New Build and Expansion Capex of Refineries by Key Countries 19

4.6 Europe – New Build and Expansion Capex of Refineries by Key Companies 20

4.7 FSU – New Build and Expansion Capex of Refineries by Key Countries 21

4.8 FSU – New Build and Expansion Capex of Refineries by Key Companies 22

4.9 Middle East – New Build and Expansion Capex of Refineries by Key Countries 23

4.10 Middle East – New Build and Expansion Capex of Refineries by Key Companies 24

4.11 North America – New Build and Expansion Capex of Refineries by Key Countries 25

4.12 North America – New Build and Expansion Capex of Refineries by Key Companies 26

4.13 Oceania – New Build and Expansion Capex of Refineries by Key Countries 27

4.14 Oceania – New Build and Expansion Capex of Refineries by Key Companies 28

4.15 South America – New Build and Expansion Capex of Refineries by Key Countries 29

4.16 South America – New Build and Expansion Capex of Refineries by Key Companies 30

5. CDU New Build and Expansion Capacity Additions by Region 31

5.1 CDU New Build Capacity Additions by Region 31

5.2 CDU Expansion Capacity Additions by Region 31

6. Coking New Build and Expansion Capacity Additions by Region 32

6.1 Coking New Build Capacity Additions by Region 32

6.2 Coking Expansion Capacity Additions by Region 32

7. FCC New Build and Expansion Capacity Additions by Region 33

7.1 FCC New Build Capacity Additions by Region 33

7.2 FCC Expansion Capacity Additions by Region 33

8. Hydrocracker New Build and Expansion Capacity Additions by Region 34

8.1 Hydrocracker New Build Capacity Additions by Region 34

8.2 Hydrocracker Expansion Capacity Additions by Region 34

9. Global New Build Refineries 35

10. Appendix 42

10.1 Abbreviations 42

10.2 Important Definitions 42

10.3 Market Definition 42

10.4 Methodology 43

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List of Tables

Table 1: Total refinery CDU capacity by region, 2016–2026 (mmbd) 10

Table 2: New build and expansion refinery CDU capacity additions by key countries, 2022–2026 (mbd) 11

Table 3: New build and expansion capex of refineries by region during 2022–2026 ($M)* 12

Table 4: New build and expansion capex of refineries by key countries during 2022–2026 ($M) * 13

Table 5: New build and expansion capex of refineries by key companies during 2022–2026 ($M) * 14

Table 6: New build and expansion capex of refineries in Africa by key countries during 2022–2026 ($M)* 15

Table 7: New build and expansion capex of refineries in Africa by key companies during 2022–2026 ($M)* 16

Table 8: New build and expansion capex of refineries in Asia by key countries during 2022–2026 ($M)* 17

Table 9: New Build and expansion capex of refineries in Asia by key companies during 2022–2026 ($M)* 18

Table 10: New build and expansion capex of refineries in Europe by key countries during 2022–2026 ($M)* 19

Table 11: Expansion capex of refineries in Europe by key companies during 2022–2026 ($M)* 20

Table 12: New build and expansion capex of refineries in the FSU by key countries during 2022–2026 ($M)* 21

Table 13: New Build and expansion capex of refineries in the FSU by key companies during 2022–2026 ($M)* 22

Table 14: New build and expansion capex of refineries in the Middle East by key countries during 2022–2026 ($M)* 23

Table 15: New Build and expansion capex of refineries in the Middle East by key companies during 2022–2026 ($M)* 24

Table 16: New build and expansion capex of refineries in North America by country during 2022–2026 ($M)* 25

Table 17: New Build and expansion capex of refineries in North America by key companies during 2022–2026 ($M)* 26

Table 18: New build capex of refineries in Oceania by country during 2022–2026 ($M) 27

Table 19: New build capex of refineries in Oceania by company during 2022–2026 ($M)* 28

Table 20: New build and expansion capex of refineries in South America by key countries during 2022–2026 ($M)* 29

Table 21: New Build and expansion capex of refineries in South America by key companies during 2022–2026 ($M)* 30

Table 22: CDU new build capacity additions by region, 2022–2026 (mbd) 31

Table 23: CDU expansion capacity additions by region, 2022–2026 (mbd) 31

Table 24: Coking new build capacity additions by region, 2022–2026 (mbd) 32

Table 25: Coking expansion capacity additions by region, 2022–2026 (mbd) 32

Table 26: FCC new build capacity additions by region, 2022–2026 (mbd) 33

Table 27: FCC expansion capacity additions by region, 2022–2026 (mbd) 33

Table 28: Hydrocracker New Build Capacity Additions by Region, 2022–2026 (mbd) 34

Table 29: Hydrocracker Expansion Capacity Additions by Region, 2022–2026 (mbd) 34

Table 30: Global planned and announced refineries, 2022–2026* 35

List of Figures

Figure 1: Total refinery CDU capacity by region, 2016–2026 (mmbd) 10

Figure 2: New build and expansion refinery CDU capacity additions by key countries, 2022–2026 (mbd) 11

Figure 3: New build and expansion capex of refineries by region during 2022–2026 ($B) 12

Figure 4: New build and expansion capex of refineries by key countries during 2022–2026 ($B) 13

Figure 5: New build and expansion capex of refineries by key companies during 2022–2026 ($B) 14

Figure 6: New build and expansion capex of refineries in Africa by key countries during 2022–2026 ($B) 15

Figure 7: New build and expansion capex of refineries in Africa by key companies during 2022–2026 ($B) 16

Figure 8: New build and expansion capex of refineries in Asia by key countries during 2022–2026 ($B) 17

Figure 9: New Build and expansion capex of refineries in Asia by key companies during 2022–2026 ($B) 18

Figure 10: New build and expansion capex of refineries in Europe by key countries during 2022–2026 ($M) 19

Figure 11: Expansion capex of refineries in Europe by key companies during 2022–2026 ($M) 20

Figure 12: New build and expansion capex of refineries in the FSU by key countries during 2022–2026 ($B) 21

Figure 13: New build and expansion capex of refineries in the FSU by key companies during 2022–2026 ($B) 22

Figure 14: New Build and expansion capex of refineries in the Middle East by key countries during 2022–2026 ($M) 23

Figure 15: New build and expansion capex of refineries in the Middle East by key companies during 2022–2026 ($M) 24

Figure 16: New build and expansion capex of refineries in North America by country during 2022–2026 ($B) 25

Figure 17: New build and expansion capex of refineries in North America by key companies during 2022–2026 ($B) 26

Figure 18: New build capex of refineries in Oceania by country during 2022–2026 ($M) 27

Figure 19: New build capex of refineries in Oceania by company during 2022–2026 ($M) 28

Figure 20: New Build and expansion capex of refineries in South America by key countries during 2022–2026 ($B) 29

Figure 21: New build and expansion capex of refineries in South America by key companies during 2022–2026 ($B) 30

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