Wednesday, 01 July 2020 10:35

Forecast: Asia will be the midstream leader

According to the Global Data forecasts, Asia will be the leader in midstream sector growth until 2024.

Asia is expected to drive crude distillation unit (CDU) capacity growth, contributing around  42% of global CDU capacity growth by 2024.

The company's report "Global refinery capacity and capital expenditure forecast for the period of 2020-2024” says Asia dominates in the global refining capacity and capital expenditure forecast", which shows that Asia is likely to have a total capacity of 2.7 million barrels. per day by 2024. Of them, the capacity of planned projects that have received the necessary development permits is almost 1.3 million barrels per day.

Soorya Tejomoortula, oil and gas analyst at Global Data, commented: “It is expected that 11 new-generation oil refineries will start operating in Asia by 2024. China's Yulong and Jieyang will be the largest in the region, each with a capacity of 400,000 barrels. a day by 2024”.

 

 

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