Refinery Capacity

摘要

Global refinery capacity is currently projected to grow by 1.6% y-o-y to reach 98.5m bpd by the end of 2017. Expansion in Asian refinery capacity is expected to contribute around 60% of total global growth, expanding by 3% to 32.8m bpd. The majority of expansion in this region is projected to be fuelled by increases in Chinese refinery capacity. Two new refineries have started up in the year so far in China; the new 260,000 bpd Kunming refinery in the Yunnan province in June, and last month the 200,000 bpd expansion at CNOOC's Huizhou plant in the southern Guangdong province. The start-up of these new refineries has supported Chinese refinery throughput rising to record levels in September and October, to 12.06m bpd and 11.95m bpd in the respective months. The Kunming refinery, having started up in June, reportedly reached a run rate of 70-75% in October. Chinese total refining runs during the first 10 months of the year rose by 5% y-o-y according to the NBS. Elsewhere, refinery capacity expansion in Russia is projected to contribute a significant proportion (around 15%) of the growth in global capacity this year. One project in the country expected to be completed by the end of 2017 is the expansion of Tatneft's TANECO oil refinery, adding 0.1m bpd to capacity, taking total nameplate capacity to 0.28m bpd.