Asia’s refining capacity to hit 3-year high in 2017

According to media reports, Asia’s refining capacity will see a big jump in 2017 by 450,000 barrels/day, which is the highest level since 2014, thanks to the start-up and upgrades of new refineries.

Accordingly, China National Offshore Oil Corp (CNOOC) will reportedly start up a new refinery with a capacity of 200,000 barrels/day and PetroChina is expected to refine 260,000 barrels/day in Yunnan. Chinese independent refiners’ imports will also increase by 200,000-400,000 barrels/day while Taiwan’s demand in Talin refinery will rise by 100,000 barrels/day.

Meanwhile, Vietnam is expected to start up a new refinery with a capacity of 200,000 barrels/day and India’s Bharat Petroleum Corp Ltd is planning a 210,000 barrels/day expansion in Kochi.

In order to meet the oil demand of Asia, Iraq signed Basra Heavy deals, Iran will start up a pipeline and a terminal to export crude to West Kharoon and Kuwait will restart production from oilfields, which are jointly operated with Saudi Arabia, the reports revealed.