A total of 442 upcoming crude oil refinery projects are expected to start operations globally from 2023 to 2027.
Of these, 132 represent new-build projects and 310 are expansions of existing developments. Globally, roughly 210 of these upcoming refinery projects are in the construction stage and are likely to start operations from 2023 to 2027.
Feasibility assessment and pending approval are the other major project stages with the other 106 and 83 projects, respectively.
Asia is expected to witness the start of the highest number of crude oil refinery projects (179) by 2027.
Africa, the former Soviet Union, and the Middle East are the other key regions for upcoming crude oil refinery projects with 73, 70, and 69 respectively.
Among countries, India leads with the highest number of projects (81) during the outlook period, followed by Russia with 53 projects.
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