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China is expected to commission 44 crude oil refining projects between 2022-2026, accounting for 24% of all crude oil refining projects in Asia.
Leading data and analytics firm GlobalData found this was driven by growing refining capacity to meet growing demand for plastics and petroleum products.
GlobalData’s latest report, Crude Oil Refinery New and Expansion Projects Analysis and Forecast by Project Type, Region, Country, Stage of Development and Cost, 2022-2026, shows that of the 44 projects, 36 represent expansions of existing projects , while eight will be greenfield projects.
22 projects under construction
In China, 22 upcoming refining projects are in the construction phase and could start operations between 2022 and 2026. Feasibility and approval are the other major project phases, with 13 and 7 projects respectively.
Sudarshini Ennelli, Oil and Gas Analyst at GlobalData, commented: “China is continuing to rapidly expand its refining capacity to meet growing domestic demand for petroleum products and petrochemicals.”
During the forecast period, Jieyang and Yulong are expected to become the leading projects in national refining capacity, with a daily production capacity of 400,000 barrels.
Jieyang project
PetroChina PDVSA Guangdong Petrochemical is the operator of the Jieyang project. China National Petroleum Corporation and Petroleos de Venezuela own 60% and 40% of the equity respectively. The project is expected to start operations in 2022.
The Yulong project is expected to be put into operation in 2023, with Shandong Yulong Petrochemical as the operator and 100% stake. — arab trade news agency
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