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The Rise in Asian and Middle East Refineries and Global Stor

The rise in oil demand is driving Asian countries to secure their future energy needs by expanding and acquiring new oil and gas production and refining assets worldwide.

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The Rise in Asian and Middle East Refineries and Global Stor

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  1. The Rise in Asian and Middle East Refineries and Global Storage Activity Will Affect the US Oil Refining Companies

  2. The rise in oil demand is driving Asian countries to secure their future energy needs by expanding and acquiring new oil and gas production and refining assets worldwide. In addition to procuring for the country’s energy needs, National Oil Companies (NOCs) of China and India also want to increase their trade value on finished petroleum products. The net finished petroleum products’ exports from Asia (mainly of China and India) to North America and Europe were 750,000 barrels per day (bpd) and these exports will reach 1 million bpd by end of 2010. It is estimated that approximately 26% of these exports were to the US. Hence, the US refining industry is facing intense competition due to rising exports from India and China. The recession-hit US refineries are already witnessing declining margins due to idling and surplus capacity. In addition, Iran’s plans to develop five oil and gas refineries will affect the US refining industry. Abu Dhabi's International Petroleum Investment Company (IPIC) and Oman Oil Company (OOC) also proposed to develop a refinery and petrochemical complex in November 2009 at Duqm, Oman. The increase in refinery infrastructure in Asia and Middle East will lead to surplus capacity and decline in refining margins. The ailing US refining industry faces a new threat from the expansion of the oil storage terminal on the island of Grand Bahama. Borco, the Bahamian terminal, will add 6 million barrels in light fuel storage tanks by the end of 2011. This analysis was taken from a research paper published by GlobalData, to download the full Research Paper for free, click below: http://www.researchviews.com/energy/oil-gas/refining/Viewpoints.aspx?sector=Refining&DocID=10175 Access the latest Nuclear analysis for free at http://www.researchviews.com

  3. About ResearchViews.com ResearchViews is your number one portal for industry related news, research, analysis and deals data. ResearchViews offers up to the minute content produced by an expert team of industry analysts. All content on the site is free to view and allows users to keep up to date with the latest developments in their chosen industry. Free daily and weekly newsletters provide a snapshot of the major issues affecting the industry. The site also features a research store, providing the user with access to premium business intelligence from some of the world's leading market research publishers. Contact Information: Rajesh Gunnam rgunnam@globaldata.com +914066166782

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