IEA: Refinery investments set for 2012 rebound

07/25/2011
Following a slowdown in refining capacity investments this year, next year will see a slew of refinery projects completed, the International Energy Agency said in its latest monthly oil market report.IEA finds that as much of 2.4 million b/d of crude distillation capacity will be added worldwide during 2012. Most of this investment will occur in developing Asian countries. China will add 586,000 b/d of crude distillation capacity next year, or 25% of the world's total additions.Global distillation capacity additions of only 412,000 b/d this year have provided some respite for refiners, the agency said. With annual worldwide oil demand growth forecast at 1.2 million b/d, surplus refining c...
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