Middle East refinery capacity expanding

摘要

Refining capacity in the Middle East is set to increase by around 1.7 M b/d by the end of 2016, with over half of this due online in 2015. While the new refineries are being built to meet growing domestic oil consumption within the region, part of the output will also be for export. This is likely to create more competition amongst refiners as they seek customers for these products and could alter tanker trading patterns. Trade flows from Satorp's 400K b/d Jubail refinery, a joint venture between Total and Saudi Aramco (that came online at the end of 2013) may provide some insight in to where Middle East product exports will go. The refinery only reached capacity in August-September, but as well as supplying the Middle East, it also exports to Asia and Europe and has contributed to Saudi Arabia becoming the largest supplier of jet to OECD Europe this year, according to International Energy Agency data.