October 2014

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HP Global: Asia-Pacific’s refining industry entering a low-margin cycle

The global refining industry is struggling with overcapacity even after the closure of 3.5 MMbpd of capacity since 2011. Accordingly, global refining margins are expected to weaken in the coming years..

Gupta, S., Wood Mackenzie

The global refining industry is struggling with overcapacity even after the closure of 3.5 MMbpd of capacity since 2011. Accordingly, global refining margins are expected to weaken in the coming years. Asia-Pacific is no exception to this trend. Although the region has seen low-margin cycles in the past and has recovered by strong domestic demand growth, this time will be different and the Asia-Pacific refining industry must handle some unique challenges. Self-sufficiency by China and India The Asia-Pacific region has added a significant refining capacity since 2000; it is equivalent to four 200-Mbpd refineries added annually. This was primarily delivered by the national oil companies (NO

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