‘Al-Zour’ to prop up refining limit

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KUWAIT CITY, July 19: According to a report published by the MEED magazine, the $16 billion Al-Zour Refinery Complex, which is expected to start operating soon, will be an influential factor in increasing global refining capacity.

This is in addition to other projects to implement major expansions in refining capacity that are now underway in the Middle East, such as the Duqm Refinery in Amman, which has reached about 92 percent completion rate and costs about $7 billion, and the Zarqa Refinery expansion project in Jordan, reports Al-Anba daily. The report highlighted that the oil countries in the Middle East hold great importance in the field of oil refining because they contribute a large part of the global refining capacities of crude oil, as their total daily refining capacity reached 12.145 million barrels in 2021.

The magazine’s report was based on the report issued by Global Data as per which the countries of the region plan to increase their refining capacity to 15.48 million barrels per day, with an average annual growth rate of 4.9 percent. It stated that the Middle East ranked second in the world in terms of the size of plans to increase refining capacity, which amounted to 3.8 million barrels per day.

Asia’s share is 7.3 million barrels per day of the planned additions. MEED has attributed this importance towards oil refining mainly to emerging Asian economies, particularly China and India, which intend to increase refining capacity to meet the growing domestic demand.

The report stated that it is expected globally to start operating 460 crude oil refining plants during the period between 2022 and 2026. These projects include 118 new refineries and 342 projects to expand existing stations. In terms of the stages that refining projects are going through, the report indicated that there are about 215 refining projects in the construction phase that will start operating during the period between 2022 and 2026, as well as 108 other major projects in the feasibility study phase, and 97 projects in the approval phase

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