The latest report by GlobalData “Refining Industry Outlook in Asia and Oceania to 2023 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Refineries” indicates that Asia and Oceania play an important role in the global refining industry accounting for 33.7% of the total global refining capacity in 2018.
Refining capacity in Asia and Oceania increased from 32,885 thousand barrels of oil per day (mbd) in 2013 to 34,763 mbd in 2018, at an average annual growth rate (AAGR) of 1.1%. It is expected to increase from 34,763 mbd in 2018 to 43,693 mbd in 2023 at an AAGR of 4.6%.
China, India, Japan, South Korea and Singapore are the major countries in Asia and Oceania, accounting for over 82.7% of the total refining capacity of the region in 2018.
Asia and Oceania Refining Industry, Refining Capacity Market Share vis-à-vis Growth by Key Countries, 2013–2018
Source: Downstream Analytics, GlobalData Oil and Gas
The total refining capacity of China in 2018 was 15,421 mbd. The country’s contribution to Asia and Oceania’s total refining capacity is 44.4%, with Maoming, Zhenhai and Huizhou being the major refineries in the country.
China is expected to drive capacity growth in Asia and Oceania’s refinery capacity from active, planned and announced projects during the outlook period 2019 to 2023, contributing around 43% of Asia and Oceania’s capacity additions. The country is expected to have refinery capacity of 18,661 mbd by 2023.
In China, eight planned and announced refineries (new-build) are expected to start operations from 2019 to 2023. Additionally, seven refineries are expected to undergo capacity expansions from 2019 to 2023. Of these, Dayushan Island and Jieyang are the top refineries with capacity additions of 400 mbd each. These refineries are expected to start operations in 2019 and 2022, respectively.