(MENAFN) Global oil refining capacity is expected to increase by more than 3 percent over the next two years, mostly due to new plants in the Middle East and China, Arab News reported.
According to experts forecasts, global crude distillation units, which process crude oil into fuels and chemicals, will increase by 2 million barrels per day (bpd) in 2015 and 1.1 million bpd in 2016.
China is leading the refining due to expectations that it will add 600,000 barrels per day of refining capacity in 2014, 700,000 bpd in 2015, and 200,000 bpd the following year.
In the Middle East, 400,000 bpd of capacity are expected to be added in 2014 and 600,000 bpd in 2015 with the launch of the 400,000 bpd Yanbu refinery in Saudi Arabia and the expansion of the 417,000 bpd Ruwais refinery in Abu Dhabi.
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