GlobalData’s latest report, “Global Crude Oil Refinery Projects Outlook, 2021-2025” indicates that globally 416 upcoming crude oil refinery projects are expected to start operations from 2021 to 2025. Of these, 93 represent new build projects and 323 are expansions of existing projects.

Globally, about 220 upcoming refinery projects are in the construction stage and likely to start operations from 2021 to 2025. Feasibility and approval are the other major project stages with 87 and 83 projects respectively.

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Globally, 12,750 mbd of refinery capacity is expected to come online from new build and expansion projects in six regions during the period 2021-2025. Asia dominates all regions with the highest capacity additions of 5,498mbd by 2025. The Middle East and Africa follow with capacities of 3,067mbd and 2,514mbd respectively.

Global Refinery Capacity Additions by Type and Regions, 2021-2025 (mbd)

China leads among the countries globally with the highest refinery capacity additions of 2,822mmbd by 2025. Nigeria and India follow with capacities of 1,606mbd and 1,540mbd, respectively.

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The Lagos I project in Nigeria with a capacity of 650 thousand barrels per day (mbd) leads in terms of refinery capacity among upcoming refinery projects expected to start operations by 2025.