05/03/2012 | Editor: Dominik Stephan
Until 2016, 21 new refineries will go onstream in the region, accounting for approximately one third of all refinery capacity additions planned across the world. Most of these projects are currently planned for China and India: China plans to commission seven new refineries until 2016, while India will add three. Indonesia, Malaysia, Mongolia and Pakistan will also add two refineries each.
The total refining capacity of China in 2011 was 459.8 million metric tons per annum, which accounted for approximately 31.4% of the region’s total refining capacity. China will continue to be the largest refining market in Asia-Pacific until 2016, during which time the country will add 122.4 MMtpa of refining capacity.
Europe's refinery market shows a completely different picture, as overcapacities and tight margins decided the fate of Petroplus earlier this year, formerly the continents biggest independent refiner. While American analyst see the insolvency as a sign of flight of capital from the ‘Old World’, Europe’s remaining refiners might feel relieve in the face of overcapacities and stagnating margins… More in "Small Margins Tighten The Noose on Europe's Refinery Market".
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