Refinery Market Refinery Markets Boom in Asia–Pacific
Asia's refiners are set for expansion: With 21 new refinery projects underway, the region could account for 31.7% of the globally installed capacity by 2016. Especially large national oil companies in China and India drive this development with ambitious expansion plans...
While Europe's refinery market groans under the burden of tight margins and overcapacities, the oil and gas industry in Asia still sees room for further growth: China alone could account for refinery capacities of nearly 600 million metric tons per annum (MMtpa) until 2016, dominating the Asia–Pacific region's oil market, figures by analyst company Globaldata show.
In 2011 China and India were responsible for major shares of the Asian–Pacific refining market – a trend that Globaldata believes to continue: During the period 2011 to 2016, the analysts expect an average annual growth rate (AAGR) of 3.4%. Installed refinery capacity in the Asian–Pacific region is expected to rise from 1,464.7 MMtpa in 2011 to 1,738.3 MMtpa in 2016, adding up to 31.7% of the globally installed capacity by 2016 (31.4% in 2011).
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National Oil Companies Drive Market
National oil companies play a major part in this development: China Petroleum & Chemical Corporation and Petrochina Company, both Chinese government companies, together accounted for around 89.2% of the total refining capacity of the country during 2011, while in India, government companies such as Indian Oil Corporation, Bharat Petroleum, Mangalore Refinery and Petrochemicals, Hindustan Petroleum Corporation and Chennai Petroleum Corporation accounted for more than 50% of the country’s refining capacity in the same year, Globaldata states.
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