Current world refining capacity is estimated at slightly in excess of 131 MTPY, nearly 70 MTPY more than in 2003. Analysis of this data shows that the bulk of the capacity growth in the last decade has been driven by China with a staggering CAGR of 23.6%. The remainder of the world has only achieved a CAGR of 2.0% over the same period.
Over the last decade China has essentially built the ROW 2003 capacity and now has the largest regional capacity – nearly three times the next largest region Oceania (Australia).
Reasonable growth has occurred in the regions of Oceania, South America and Africa & Asia (exc. China). Flat or negative growth has occurred in North America and Europe.
Sources: IAI, CM Group