Irina is an oil price writer. com with over a decade of writing experience in the oil and gas industry.
China is about to become the country with the largest refining capacity in the world due to the closure of refineries in the current number one refinery company, the United States.
« China will be putting another million barrels a day or more on the table for the next few years, » Steve Sawyer, refinery director at Facts Global Energy, energy consultancy, told Bloomberg. “China will overtake the U. S.. . probably in the next year or two. ”
In fact, China has 1. 4 million. bpd new refinery capacity under construction. This amount, which will be spread across four refinery projects, will add to more than 1 million bpd of new capacity added since last year. This means billions of dollars will be spent on refining capacity that may never be used as China works to transition to a mix of renewable energy and electric vehicle dominance.
Despite fears that this capacity will not be used, especially because oil demand is unlikely to grow in the foreseeable future, China recently gave the go-ahead for another refining project: the Yulong refinery and petrochemical complex in Shandong, the center of China’s independent refining industry. With a capacity of 400. 000 bpd, the Yulong facility will cost around US $ 20 billion.
Meanwhile, India is also building its domestic refining capacities. Over the next five years, the country plans to double its current capacity, Prime Minister Narendra Modi said on Saturday.
Currently India has a refining capacity of 250 million tonnes, or just over 5 million bpd based on a conversion factor of 7. 33 barrels per ton of oil. Previous plans were to increase that number to 450 to 500 million tons over the next decade. Now the timeline has been squeezed closer together. Modi did not go into detail as to why the move was necessary.
Irina is a writer for Oilprice. com with over a decade of writing experience in the oil and gas industry.
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World news – CA – China wants to outperform U. S.. . As the largest oil refiner in the world | Oil price. com
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