Asia - Pacific Refining Industry to 2015

1. Asia - Pacific Refining Industry to 2015 - Market Analysis, Capacity Forecasts and Competitive Landscape

2. Asia-Pacific Refining Capacity Growth Would be Driven by National Oil Companies In the next few years, the Asia-Pacific refining industry would drive capacity growth through NOCs, while poor market conditions would reduce private company investments. Countries in the Asia-Pacific have specific national priorities for pursuing refining projects. China is going ahead with its refining projects to meet its surging domestic refined products demand and to reduce dependence on imports. NOCs in India and China are targeting long-term energy securities for their countries and are investing in refineries to tap global petroleum products export markets. The Top Five High Growth Refining Markets in Asia-Pacific are Characterized by Refineries with High Capacity but Low Complexity The top five high growth refinery markets – China, Japan, India, Republic of Korea and Singapore – accounted for 74.9% of Asia-Pacific’s refining capacity in 2009. The average size of refineries in these countries (9.4 million tons) is above the global average of 6.8 million tons and also above Asia-Pacific’s average of 8.0 million tons in 2009. However, the complexity is lower than the global average. In 2009, the average complexity of the refineries in these countries was 5.1, while the global average was 5.8.

3. Asia-Pacific Refining Industry is Witnessing Addition of Costs Due to Stringent Environmental Regulations Rising environmental concerns have resulted in the enactment of strict regulatory frameworks and emission norms across the globe. This mandates a reduction in the sulfur content of products, apart from improving other quality parameters, which in turn calls for heavy investments for installing adequate conversion and desulfurization facilities. Strict environmental regulations in Asia-Pacific are also mandating refiners to build complex refineries, which are both capital intensive and require long construction periods. Most Asian countries have been tightening regulations on refined product specifications. For gasoline, sulfur, aroma and olefins should be present in very small quantities. For diesel, the requirements for sulfur, cetane numbers and poly-aroma parameters have been made more stringent. “Asia-Pacific Refining Industry to 2015 – Market Analysis, Capacity Forecasts and Competitive Landscape” is an essential source for top-level energy industry information and analyses on the refining industry in Asia-Pacific. The report provides information on refinery product types and future refining trends. The research covers the Asia-Pacific refining market with information on historical and forecast capacities of refineries by region and key countries during the period

4. 2000-2015. Leading companies in the Asia-Pacific refining industry and their investment opportunities and challenges have been examined in the report. Asia-Pacific’s refining capacity would grow from 1,385.0 million tons in 2009 to 1,627.4 million tons in 2015, at an AAGR of 2.7%. China, Japan, India, the Republic of Korea and Singapore would be the leading refining countries in 2015, with a contribution of 76.1% to Asia-Pacific’s refining capacity by 2015. Although most international oil companies are reducing investments in the refining business due to low petroleum products demand, national oil companies (NOCs) are going ahead with their refinery projects, with long-term strategic objectives for their countries. Leveraging on their strong cash reserves and government support, most NOCs in Asia-Pacific are adding refining capacities, either to cater to domestic refined products need or to transform their countries into global refining hubs. China and India will witness major refining capacity expansions in the years to come. While new refineries in China would cater mainly to domestic demand, India plans to transform itself into a major refining and petroleum product exporting hub. While China would witness capacity growth at an AAGR of 4.8%, India’s refining capacity would grow at an AAGR of 6.1% in the period 2009-2015.

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