November 1997

Misc

State of the worldwide refining industry

Worldwide capital spending for refining-related projects is expected to reach a record $17.2 billion in 1998, according to the recently published 1998 HPI Market Data.1 Spending is up in all regions o..

Nakamura, D. N., Hydrocarbon Processing Staff

Worldwide capital spending for refining-related projects is expected to reach a record $17.2 billion in 1998, according to the recently published 1998 HPI Market Data.1 Spending is up in all regions of the world, although for varying reasons, to be discussed later. Table 1 shows refining project activity according to our Construction Boxscore. Different trends are apparent in this table: U.S. projects are on a downward trend. Combined projects in Latin America, Europe and Asia-Pacific may have fallen off slightly, but are still at extremely high levels. Middle East projects have increased dramatically. What’s driving spending?

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