The Asian refining industry has endured drastic cycles during the past 15 years. In the early 1990s, the unprecedented expansion led to rapid growth in petroleum demand and the need for refining capac..
The Asian refining industry has endured drastic cycles during the past 15 years. In the early 1990s, the unprecedented expansion led to rapid growth in petroleum demand and the need for refining capacity. Product demand growth came to an abrupt halt with the financial crisis of 1997, but refining capacity projects already underway kept coming onstream, leading to significant overcapacity.
From 1995 to 2002, over 4 million barrels/day (MMbpd) of capacity were added, with about 1.7 MMbpd starting up in just 2000 – 2001 alone, according to an outlook from Purvin & Gertz. Capacity utilization of Singapore refineries (the incremental supplier to the region) declined sharply to about 60
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