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Asia Pacific Refinery Sector To See Growth
A recent report by GlobalData has shown that the refining sector in the Asia-Pacific region is set to grow, driven by rising demand for refined products in the region, especially in China and India.
Asia-Pacific is set to see an increase of a further 21 new refineries during the period 2012-2016. To put this into perspective, this will account for around one third of all refinery capacity additions planned around the world.
As with many industries, China is likely to dominate though with seven new refineries schedule by 2016, followed by India who is planning to add three. The report illustrates that India and China were the top markets for refined products in 2011 and were dominated by PetroChina and Indian Oil Corp who are both state-owned companies. In 2011, 89.2% of refining capacity in China and 50% in India through 2011 was accounted for by state owned entities. Indonesia, Malaysia, Mongolia and Pakistan will also add two refineries each.
China accounted for 31.4% of the region’s total refining capacity in 2011 with 459.8 million tpy of capacity, the country is expected to continue this dominance and add a further 122.4 million tpy of capacity by 2016.
The Asia-Pacific region observed an annual average growth rate (AAGR) of 3.3% during the period 2006-2011 and is predicted to grow during the period 2012-2016 at an AAGR of 3.4%. This means that the region’s refining capacity is to increase from 1,464.7 million tpy in 2011 to 1,738.3 million tpy in 2016. The share of the region’s refining capacity in the global refining capacity was recorded as 31.4% in 2011, and is anticipated to increase slightly to 31.7% by 2016
Claxton Engineering Services Ltd (http://www.claxtonengineering.com/