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China to account for 24% of upcoming crude oil refinery projects in Asia through 2026

China is expected to commence operations of 44 crude oil refinery projects during 2022-2026, accounting for 24% of all crude oil refinery projects in Asia, driven by growing refining capacity to meet the rising demand for plastics and petroleum products, finds GlobalData, the data and analytics company.

GlobalData’s latest report, Crude Oil Refinery New-Build and Expansion Projects Analytics and Forecast by Project Type, Regions, Countries, Development Stage, and Cost 2022-2026, reveals that out of the 44 projects, 36 represent expansions of existing projects while eight will be new-build projects.

In China, 22 upcoming refinery projects are in the construction stage and will likely begin operations between 2022 and 2026. Feasibility and approval are the other major project stages with 13 and seven projects, respectively.

Sudarshini Ennelli, Oil & Gas Analyst at GlobalData, comments: “To meet the growing domestic demand for petroleum products and petrochemicals, China is continuing to rapidly expand its refining capacity.”

During the forecast period, Jieyang and Yulong are expected to be the leading projects in terms of refining capacity in the country, with each project having 400 thousand barrels per day of capacity. Petrochina Pdvsa Guandong Petrochemical is the operator of the Jieyang project, while China National Petroleum Corp and Petroleos de Venezuela SA have 60% and 40% equity stakes, respectively. The project is expected to commence operations in 2022.

The Yulong project is expected to begin operations in 2023. Shandong Yulong Petrochemical Ltd is the operator and 100% equity stakeholder of the project.

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