GlobalData’s latest report, ‘Global Refining Industry Outlook to 2025 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Refineries’, says that the global refining capacity increased from 102,380 thousand barrels per day (Mbpd) in 2015 to 107,617Mbpd in 2020 at an Average Annual Growth Rate (AAGR) of 1%. It is expected to increase from 107,617Mbpd in 2020 to 119,754Mbpd in 2025 at an AAGR of 2.1%.
The US, China, Russia, India and South Korea are the major countries accounted for 48% of the total refinery capacity of the world in 2020.
The US had the highest refinery capacity globally in 2020 with 19,106Mbpd. Other key countries in terms of refinery capacity were China, Russia, India and South Korea with 17,450Mbpd, 6,740Mbpd, 5,029Mbpd and 3,520Mbpd, respectively. China witnessed the highest capacity growth during 2015-2020 with an AAGR of 3.1% among the key countries, followed by South Korea and India with 1.8% and 1.5%, respectively.
Globally, 118 countries having active refineries with a total refinery capacity of 107,617Mbpd in 2020. Paraguana (Venezuela), Ulsan (South Korea), Ruwais (UAE), Yeosu (South Korea) and Jamnagar II (India) are the largest refineries in the world in terms of the refining capacity in 2020.
By 2025, 83 new refineries are expected to commence operations globally. Lagos I (Nigeria), Al-Zour (Kuwait), Yulong (China) and Jizan (Saudi Arabia) are some of the largest upcoming refineries in the world during the outlook period 2021-2025.