Growing Markets Secure Hydrocarbon Growth

14 January 2010 (Last Updated January 14th, 2010 18:30)

Brazil, China, India, Iran and Saudia Arabia are likely to see the highest growth in refining leading up to 2013, by which time they will make up 44% of the global refining capacity. In a report by GlobalData – offshore-technology.com's sister company – these nations, which already

Brazil, China, India, Iran and Saudia Arabia are likely to see the highest growth in refining leading up to 2013, by which time they will make up 44% of the global refining capacity.

In a report by GlobalData – offshore-technology.com's sister company – these nations, which already make up 18.3%, showed the greatest potential for refining growth, with China growing domestically and the Middle East and India opening themselves up as international exporting hubs.

Brazil will increase its capacity to cater for its domestic heavy crude market.

The predictions follow years of decline for the refinery market.

After dropping by 1% in the third quarter of 2008, global refinery utilisation figures when released are expected to show a further fall for 2009.

Qatar, Algeria, Vietnam, China and India all commissioned new refineries last year to help meet the demand as companies cancelled projects when hydrocarbon demand dwindled following the worldwide recession.

With the economy picking up, however, demand is expected to grow, and these nations will be in strong stead to meet production targets.

The presence of national oil companies in markets such as the Middle East, Brazil, China, India and Veneuzuela have also ensured projects move along at a steady pace.