GlobalData’s latest report, ‘Global Refining Industry Outlook to 2026 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Refineries’, says that the Asia refining capacity increased from 33,810 thousand barrels of oil per day (mbd) in 2016 to 36,957mbd in 2021 at an Average Annual Growth Rate (AAGR) of 1.8%. It is expected to increase from 36,957mbd in 2021 to 43,963mbd in 2026, at an AAGR of 3.5%.

China, India, South Korea, Japan and Singapore are the major countries in Asia that accounted for 84% of the total refining capacity in 2021.

China had the highest refining capacity in 2021, with 17,532mbd. Other key countries in terms of refining capacity were India, South Korea, Japan and Singapore, with 5,039mbd, 3,560mbd, 3,458mbd and 1,346mbd, respectively. China witnessed the highest capacity growth during 2016 to 2021, with an AAGR of 2.7% among the key countries, followed by India with 1.5%.

In Asia, 19 countries have active refineries, with a total refining capacity of 36,957mbd in 2021. Ulsan, Yeosu, Dayushan Island, Jamnagar II and Daesan I are some of the largest active refineries.

By 2026, 23 new refineries are expected to commence operations in Asia. Yulong (China), Jieyang (China), Gulei (China) and Lianyungang I (China) are some of the largest upcoming refineries in Asia during the 2022 to 2026 outlook period.