Refining outlook: Capacity expansion and rationalization
Many factors are reshaping the global refined products industry, leading to inevitable change
Global refinery construction
continues at a healthy rate, driven by growth in the global
demand for refined products. Not all regions, however, share
the same demand fundamentals. Therefore, as some regions
continue to add capacity, in other regions, we continue to see
refinery capacity rationalization and restructuring. This of
course can be explained by the maturing of the western
economies and the continued rapid growth of emerging economies.
A deeper look into the fundamental drivers of this capacity expansion and rationalization
reveals additional emerging trends that will shape the future
of the global refining industry.
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