Asia-Pacific refining will recover from current overcapacity in 2005

Hassaan VahidyFACTS Inc.HonoluluAdditions to Asia Pacific's refining capacity in the past 4-5 years have transformed the region from a major net importer to a net exporter of refined products.The recent wave of refining capacity additions has come to an end. Many projects are being canceled or delayed due to lower-than-expected demand growth. Over the past few years, additions in refining capacity have outpaced demand growth. Asia-Pacific refining should start to recover in 2005, depending on a revival of demand growth and rationalized refinery utilization rates.The outlook for refining margins is not too promising; our comparison of product balances East of the Suez indicates future ...

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