Middle East refiners could increase by a third
Exports from the new super-refineries of the Middle East – now the world’s fastest-growing refining region – will speed the pace of closures in Europe
The oil states of the Middle East are in the midst of a surge of refinery construction, which could increase regional capacity by as much as a third over the coming five years. The new capacity, designed to make products to the latest EU specifications, will be competing for markets against exports from refineries in Asia and the US – and it could hasten the end for many more of Europe’s old and inefficient facilities. The Middle East saw its first wave of refinery construction in the 1980s, but growth in regional demand has absorbed much of that capacity. The new wave eventually could bring as much as 3 million barrels a day (b/d) of new export capacity, reinforcing the worldwide trend to
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