GlobalData’s latest report, ‘Global Refinery Crude Distillation Units (CDU) Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Crude Distillation Units’ indicates that the global crude distillation unit capacity is expected to increase from 102 million barrels of oil per day (mmbd) in 2019 to 120 mmbd in 2024. Paraguana in Venezuela, Ulsan and Yeosu in South Korea are the largest active refineries globally with refinery CDU capacities of 955 thousand barrels of oil per day (mbd), 840 mbd and 800 mbd, respectively in 2019.
Globally, the new-build refinery CDU capacity from the planned and announced projects is expected to be 12 mmbd by 2024. The Lagos I refinery in Nigeria, Al-Zour refinery in Kuwait and Hambantota III refinery in Sri Lanka are some of the major upcoming refineries with CDU capacities of 650 thousand barrels of oil per day (mbd), 615 mbd and 420 mbd, respectively by 2024.
Among regions, Asia is assumed to be the largest contributor to the global refinery CDU capacity additions from the new-build projects with 5.1 mmbd by 2024, contributing about 42% of the global new-build CDU capacity additions. Of this, 2.6 mmbd comes from the planned projects with identified development plans, while the rest of 2.5 mmbd is from the early-stage announced projects. The Hambantota III refinery in Sri Lanka is the largest upcoming refinery in Asia with the refining capacity of 420 mbd. It is expected to start operations in 2024.
Africa and the Middle East are expected to share the second position in terms of regions with largest upcoming refinery CDU capacity additions with 2.8 mmbd each by 2024. In Africa, Nigeria has the highest upcoming refinery CDU capacity of about 1.6 mmbd by 2024, while Iraq in the Middle East will be leading with 730 mbd of planned and announced refinery CDU capacity by 2024.
North America will be the third largest among the regions with new-build CDU capacity of 893 mbd by 2024. The Dos Bocas refinery in Mexico is the largest upcoming refinery in the region with a CDU capacity of 340 mbd.
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