New development trend and prospect of global refining and chemical industry under energy transition and dual carbon goals
In 2023,the construction of global refining and chemical projects was steadily advanced,and the focus of refining continued to move eastward.The new refining capacity of 86.175 million tons/year in the world was higher than the new incremental amount of the previous year,and the total refining capacity increased to 5.18 billion tons/year.Total global crude oil processing capacity of approximately 82.4 million barrels per day in 2023 was restored to pre-pandemic levels,plant operating rates continued to rebound,and refining margins continued to maintain historically high levels.The refining industry accelerated structural adjustment and transformation and upgrading,European and American refiners accelerated investment in biofuel production,and the Middle East and Africa promoted the transformation and upgrading of the refining industry with new projects.Refining technology has made continuous progress in the processing of low-quality heavy oil,clean fuel production,the transformation of refining into the chemical industry,and the technology of direct crude to chemicals has become a key direction.2024 is expected to add nearly 100 million tons of new refining capacity globally,and the global refining and chemical projects will continue to grow until 2030,with the growth centers focusing on Asia-Pacific and the Middle East.The global crude processing capacity of the refineries will increase by about 1 million barrels per day,incremental mainly from China,the Middle East,Africa and the world refining gross profit is expected to maintain a better level.Refining restructuring and transformation&upgrading will be the main tone of the development of the refining industry before 2030 and the refining industry in emerging economies will continue to accelerate the process of transformation&upgrading as well as green and intelligent development.
global refining industryrefining capacitycrude oil throughputgreen and low-carbon transformation"dual carbon"development prospect