New Global Refinery Capacity Caters to High-Demand Hotspots
Attachment: Graph A - global, Graph 2 - continents, Graph 1 - Dangote, Graph 3 - crude closures
March 27, 2023--Researched by Hillary Stevenson for Industrial Info Resources (Sugar Land, Texas)--Around the world, large-scale refineries are nearing completion after years in the works and are expected to bring much-needed refined product supply to market. Western Asia and Africa are among the regions ramping up refined product production, amid growing demand and global distillate tightening. This contrasts with regions like North America and Europe, where refinery projects are focused on ESG and alternative-fuel development.
At least two world-scale refinery projects are nearing completion: Dangote Industries Limited's Lekki Refinery in Nigeria, and Kuwait Integrated Petroleum Industries Company's (KIPIC) Mina Al Zour Refinery in Kuwait.
Including Dangote and Mina Al Zour, Industrial Info is tracking 2.53 million BBL/d of refining capacity under construction globally, at 15 plants. These new refineries will help to replace capacity lost from refinery closures in the past and crude unit closures expected in the future.
