Asia Leads Fourth Quarter Refining Project Starts

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Researched by Industrial Info Resources East Asia (Kofu-shi, Japan)--According to Industrial Info, Asia will lead the world in capital refining project starts during the fourth quarter of 2011, representing more than $15 billion in investments. So far, there are more than 350 maintenance turnarounds scheduled throughout the world for this quarter, with North America and Europe representing the most projects.

Asia will see at least 70 turnarounds during the fourth quarter, most of which will take place in India. Thailand will lead Southeast Asia, while Taiwan will lead East Asia. China has relatively few scheduled fourth-quarter turnarounds, though it plans to add $11.9 billion in capital projects. Demand for refined products is increasing in China, and the country aims to boost its refining capacity by 50% by the end of 2015. Recently, demand has caused China to lower its import tariffs on refined products such as gasoline, diesel, jet fuel and fuel oil. Jet fuel and diesel will be among the products with zero-tariff.

Turkey is also adding capacity during the fourth quarter, representing approximately $2 billion in investments. The country's refining sector has a capacity of 715,000 barrels per day (BBL/d), and it is currently in a state of revitalization following Turkey's incorporation into the European Union (EU). Efforts are under way to improve Turkey's refining industry to meet EU standards.

One of Asia's larger capital refining investments next quarter is a delayed coker unit addition for the $5 billion Nghi Son grassroot refinery in Vietnam. Technip Malaysia (Kuala Lumpur), the Vietnam offices of JGC Corporation (TYO:1963) (Tokyo) and Foster Wheeler International Corporation (Clinton, New Jersey), among others, joined the Nghi Son Refining and Petrochemical Limited Liability Company earlier in the year to break ground on the new refinery due for completion late in 2014. Vietnam has several other refineries planned in the near future that will boost domestic refining capacity by at least another 340,000 BBL/d to 460,000 BBL/d.

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