Shortage of crudes, not products, to drive Asian refining market

Liutong ZhangFACTS Global EnergySingaporeNational oil companies in China and India have continued to expand refining capacities as 2011 begins. Japanese refiners, on the other hand, are heading into a second round of capacity reductions.At the same time, up to 5 years will pass before any new major capacity will be commissioned East of Suez, securing crude from the Middle East will become more important for Asian refiners, and conversion capacity is being added far more quickly than primary distillation capacity in the Asia-Pacific.New Asian capacityIn 2009, Asia added 2.2 million b/d of refining capacity, the largest distillation capacity addition in the region's history, while demand gr...

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