The Sri Lankan government is working with Sinopec on the potential construction of a new refinery
Refining Report: Asia sees major capacity buildout
The region is the global leader in active refining projects, with most based in India and China
Asian oil consumption has increased by more than 6m b/d over the past decade, to reach nearly 36m b/d. The region’s oil demand is forecast to surge by an additional 5.5m b/d, to reach more than 41m b/d, by 2029, according to the IEA. In turn, the region has been the leader in new refining capacity additions, adding approximately 4m b/d of crude distillation unit capacity over the past ten years. By 2028, Asian refining capacity is forecast to increase by nearly a further 4m b/d. The region has also focused on increasing secondary unit capacity. This includes expanding and upgrading as well as building grassroots units to produce cleaner-burning fuels. Many Asian countries have enacted low-su
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Low debts levels and the advantages of larger companies among the reasons for the rise in activity
