Middle East Will Drive Growth in the Global Refining Industry in the Next Five Years
Steadily increasing refined product demand in the Middle East coupled with availability of economical heavy sour crude; better tax incentives and support of cash rich national oil companies have encouraged significant refinery investments in the region. Currently there are 21 planned grass root refinery projects in this region, which will add nearly 204.0 Million Tonnes of refining capacity by 2013. As most of the upcoming refining projects across the globe have got delayed, except for a few refineries in China, planned refineries in the Middle East will influence the global refined product trade. Middle East, having several advantages over others, is capable of commissioning major refinery projects although with inevitable delays.
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