Asia: Future challenges and opportunities for refining sector
Securing the right quality of crude oil, increasing refinery competitiveness and adapting to fast-changing inter-regional trade dynamics are some of the area's key challenges.
Over the past decade, the global refining business has been through a roller-coaster of events. The golden age of refining that started 10 years ago did not last very long. It was immediately followed by economic uncertainty created through a global financial crisis and European debt crisis, which further delayed economic recovery. However, oil demand growth in Asia remained resilient throughout this period. Despite strong oil demand growth prospects, there are some headwinds for the Asian refining industry over the next few years due to the rapid developments in the other regions. These developments will collectively change the global refining landscape.
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