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Released January 25, 2024 | NEW DELHI
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Editor's Note: This article has been amended to accurately reflect the number of grassroot refineries under construction and those planned.
Researched by Industrial Info Resources (Sugar Land, Texas)--Developing countries are investing heavily in new refineries. Industrial Info is tracking 15 grassroot refineries in construction with another 100 planned. These projects total about US$220 billion of spending, led by India, Saudi Arabia and Nigeria.
Asia accounts for 63% of the total global investment, with up to 7.6 million barrels per day (BBL/d) of refining capacity to be added. Asia already has a capacity surplus, but expects to see significant long-term growth in local demand, partly from export markets.
With investments totaling more than US$39 billion, India is contributing the largest share of investment in Asia, planning three grassroot refineries with a total capacity of up to 700,000 BBL/d. However, Indonesia, Saudi Arabia and Oman dominate Asia by capacity, accounting for up to 1.2 million BBL/d, 1 million BBL/d and 950,000 BBL/d, respectively.
India's Ratnagiri Refinery and Petrochemicals Limited is planning to invest US$24.3 billion to set up a grassroot crude oil refinery in Raigad, Maharashtra, with a capacity of up to 400,000 BBL/d to meet domestic demand. Subscribers to Industrial Info's Global Market Intelligence (GMI) Petroleum Refining Project and Plant databases can learn more in a detailed project report and plant profile.
The Middle East aims to become a petrochemical hub, which would reduce its reliance on crude oil exports. By adding refineries and leveraging its abundant oil and gas reserves, the region can capitalize on growing demand from plastics, pharmaceuticals and other markets. Saudi Arabia leads the region with a US$57 billion investment that would add up to 1 million BBL/d.
Saudi Arabian Oil Company is investing US$20 billion in its planned, 400,000-BBL/d Arabian Light Crude Oil to Chemical Refinery in Jubail, Saudi Arabia, which is designed to produce 9 million metric tonnes per annum of chemical and petroleum products. Subscribers can learn more in a detailed project report and plant profile.
Africa relies heavily on crude oil exports and refined-product imports, making it vulnerable to price fluctuations. By developing local refineries, Africa can reduce its dependence on other regions and offer value-added refined products for export. Nigeria boasts more than US$24 billion of related investment, and intends to add up to 1.6 million BBL/d. Other countries with notable capacity additions are Ghana and Angola, each of which plans to add about 400,000 BBL/d.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Researched by Industrial Info Resources (Sugar Land, Texas)--Developing countries are investing heavily in new refineries. Industrial Info is tracking 15 grassroot refineries in construction with another 100 planned. These projects total about US$220 billion of spending, led by India, Saudi Arabia and Nigeria.
Asia accounts for 63% of the total global investment, with up to 7.6 million barrels per day (BBL/d) of refining capacity to be added. Asia already has a capacity surplus, but expects to see significant long-term growth in local demand, partly from export markets.
With investments totaling more than US$39 billion, India is contributing the largest share of investment in Asia, planning three grassroot refineries with a total capacity of up to 700,000 BBL/d. However, Indonesia, Saudi Arabia and Oman dominate Asia by capacity, accounting for up to 1.2 million BBL/d, 1 million BBL/d and 950,000 BBL/d, respectively.
India's Ratnagiri Refinery and Petrochemicals Limited is planning to invest US$24.3 billion to set up a grassroot crude oil refinery in Raigad, Maharashtra, with a capacity of up to 400,000 BBL/d to meet domestic demand. Subscribers to Industrial Info's Global Market Intelligence (GMI) Petroleum Refining Project and Plant databases can learn more in a detailed project report and plant profile.
The Middle East aims to become a petrochemical hub, which would reduce its reliance on crude oil exports. By adding refineries and leveraging its abundant oil and gas reserves, the region can capitalize on growing demand from plastics, pharmaceuticals and other markets. Saudi Arabia leads the region with a US$57 billion investment that would add up to 1 million BBL/d.
Saudi Arabian Oil Company is investing US$20 billion in its planned, 400,000-BBL/d Arabian Light Crude Oil to Chemical Refinery in Jubail, Saudi Arabia, which is designed to produce 9 million metric tonnes per annum of chemical and petroleum products. Subscribers can learn more in a detailed project report and plant profile.
Africa relies heavily on crude oil exports and refined-product imports, making it vulnerable to price fluctuations. By developing local refineries, Africa can reduce its dependence on other regions and offer value-added refined products for export. Nigeria boasts more than US$24 billion of related investment, and intends to add up to 1.6 million BBL/d. Other countries with notable capacity additions are Ghana and Angola, each of which plans to add about 400,000 BBL/d.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
