2013 global construction outlook
The downstream industry is investing billions of dollars in the development and construction of grassroots facilities, along with expansions and upgrades to existing plants.
According to Hydrocarbon Processings HPI Market Data 2013, total capital spending is estimated to exceed $57 billion (B) in 2013. This amount includes investments in the development and construction of grassroots facilities, along with upgrades to existing HPI facilities to meet growing global demand. The International Energy Agency (IEA) forecasts that global oil demand will reach 95.7 million barrels per day (MMbpd) by 2017. Over the same time frame, global refining capacity could rise to 100 MMbpd.
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