China to commence 44 refinery projects during 2022-2026

China is expected to commence operations of 44 crude oil refinery projects during 2022-2026, accounting for 24% of all crude oil refinery projects in Asia, driven by growing refining capacity to meet the rising demand for plastics and petroleum products, finds GlobalData.

GlobalData’s latest report, ‘Crude Oil Refinery New-Build and Expansion Projects Analytics and Forecast by Project Type, Regions, Countries, Development Stage, and Cost 2022-2026’, reveals that out of the 44 projects, 36 represent expansions of existing projects while eight will be new-build projects.

In China, 22 upcoming refinery projects are in the construction stage and will likely begin operations between 2022 and 2026. Feasibility and approval are the other major project stages with 13 and seven projects, respectively.

During the forecast period, Jieyang and Yulong are expected to be the leading projects in terms of refining capacity in the country, with each project having 400 thousand barrels per day of capacity. The project is expected to commence operations in 2022.

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