Industrial Info Tracks More Than $600 Billion in Global Refining Projects
(firmenpresse) - SUGAR LAND, TX -- (Marketwired) -- 05/13/15 -- Researched by Industrial Info Resources (Sugar Land, Texas) -- It''s an interesting time for the world''s , to say the least. A glut of crude oil on the global market has significantly lowered the price of crude, substantially increasing refining margins. During the most recent round of quarterly earnings reports, Big Oil''s downstream sectors helped buoy poor upstream earnings, while refiners such as Valero Energy Corporation (NYSE:VLO) reported record first-quarter profits. Europe''s ailing Refining Industry has been given a boost by these increased margins, although new capacity in other parts of the world threatens to diminish these gains.
The tremendous financial and geopolitical qualities carried by crude oil and refined products almost guarantee that global refinery output and trading patterns will continue to shift frequently. A recent influx of several hundred thousand barrels of new and efficient refining capacity in the Middle East could lead to the closure of older, uncompetitive capacity in Europe and elsewhere, and establish new global trading patterns for refined products.
Other major projects are on the drawing board throughout the world. Industrial Info is tracking 5,300 capital and maintenance projects in the global Petroleum Refining Industry with a combined total investment value (TIV) of $608 billion. These projects include more than 2,400 planned unit turnarounds at refineries throughout the world.
Asia easily leads other world regions in regard to the amount of Refining Industry activity. Some of the highest-value projects being tracked by Industrial Info are planned for Southeast Asia. Thailand''s state-owned PTT Public Company Limited (Bangkok) is planning to construct a 400,000-barrel-per-day (BBL/d) refinery in Vietnam as part of the $22 billion Victory Oil Refinery and Petrochemical Complex, although construction is still some ways out. In Indonesia, PT Pertamina Persero (Jakarta, Indonesia) is planning to construct two 300,000-BBL/d refineries in Bontang, with a combined TIV of approximately $20 billion.
While many of these capital projects remain in the early planning stage, more than 650 major capital projects valued at $110.9 billion are currently under construction. Eclipsing other Refining projects currently under construction is Petrochina Guangdong Petrochemical Company''s $8.8 billion grassroot crude oil refinery in China''s Guangdong province. The 400,000-barrel-per-day (BBL/d) refinery is being built to process crude oil from Venezuela. The refinery is expected to be completed in late 2017. A $3.7 billion, 200,000-BBL/d refinery is also being constructed in the country to process crude oil from Myanmar and is planned for completion at the end of next year.
While additional refining capacity is being proposed in North America, as yet little significant new capacity is under construction, and the multibillion-dollar bitumen upgrader projects planned in Canada''s oil sands region have been pushed out to later dates until project activity picks up in the area again. Other parts of the world are tracking demand growth for refined products such as diesel to gauge the need for new capacity in different regions.
On May 20, Industrial Info will be presenting a , where we will focus on global spending activity and market trends, with special emphasis on what''s happening in 2015 and 2016. All registered attendees will receive an ''On Demand'' link to view the recorded presentation at their leisure and are invited to ask questions after the event concludes.
Join us to obtain Industrial Info''s unique market insight and learn about key market drivers from our industry experts!
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and ten international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info''s quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what''s happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the "" page.
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Datum: 13.05.2015 - 04:00 Uhr
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