World refining: Western decline vs. Eastern growth

摘要

Falling oil consumption in the US and Europe is leaving the industrialized countries on either side of the Atlantic with a rising surplus of crude oil distillation capacity. This has now become large enough to cause the closure of several refineries, and to prompt a number of refinery owners to put their plants up for sale. Most of those that have been offered for sale are unlikely to survive as refineries, though some may survive as oil terminals.By contrast, rising oil consumption in most countries in the Middle East and Asia is creating demand for new refinery capacity, and an extensive program of refinery construction is now under-way. Most of the new distillation capacity is planned for China, India, and the Persian Gulf; but significant expansion is planned elsewhere. Growth, however, is not uniform: Japan and Australia-like the countries of the North Atlantic-face contraction in their refinery sectors.