China is expected to lead the Asia and Oceania’s refinery capacity growth, contributing around 71% of the region’s total capacity growth by 2024. China is likely to add 2.6 MMbpd of refinery capacity by 2024, says GlobalData, a leading data and analytics company.

The company’s report, ‘Refining Industry Outlook in Asia and Oceania to 2024 ’ reveals that refining capacity in Asia and Oceania is expected to increase by 3.6 MMbpd from 37.0 MMbpd in 2019 to 40.6 MMbpd in 2024 at an average annual growth rate (AAGR) of 1.9 percent. Out of Asia and Oceania’s total capacity additions, 2.0 MMbpd is expected to come from new-build planned projects, while the remaining 1.6 MMbpd is likely to come from the expansions of active/operational projects.

Adithya Rekha, Oil and Gas Analyst at GlobalData, comments: “Out of China’s total refinery capacity additions of 2.6 MMbpd by 2024, 1.2 MMbpd is likely to come from expansion of active projects and the rest 1.4 MMbpd is expected to be contributed by new-build projects by 2024.

GlobalData expects India to occupy the second place in terms of refinery capacity additions in Asia and Oceania by 2024. India is expected to contribute about 21% of Asia and Oceania’s refinery capacity growth, adding about 748 Mbpd by 2024.