In a recent Oil & Gas Journal article, dated July 13, 2011, the International Energy Agency (IEA) stated that after a slow down of refining project investments in 2011, it expects to see an increase in projects completed in 2012, thereby adding 2.4 million bpd in global refining capacity.
The following is a list of projected to complete major projects by end of 2012:
· Motiva’s 325,000 bpd expansion in Port Arthur, Texas
· Mexico’s Minatitlan’s 150,000 bpd expansion
· India’s Bharat Oman’s Bina 120,000 bpd refinery
· India’s HPCL-Mittal Energy Ltd.’s 180,000 bpd refinery
· India’s Essar’s Vadinar 80,000 b/d expansion
It is expected that despite an increase in refining capacity that global demands will reduce surplus capacity thereby improving refining margins. In contrast, Oil & Gas Journal reported in June 2011 to expect continued weak refining margins for certain products and markets.
