According to Hydrocarbon Processing’s Construction Boxscore Database, new project announcements averaged approximately 25 per month in 2015. When compared year-over-year, new projects announcements were down nearly 40% in 2015. Although new project construction has decreased, total capital expenditures (CAPEX) are forecast to eclipse $95 B in 2016. Major CAPEX in the refining sector will be located in the Asia-Pacific and Middle East/North Africa regions. Massive petrochemical investments will be made in Asia, the Middle East and the US. The majority of the gas processing sector’s CAPEX will be spent to build out LNG capacity in Australia, China, India and the US. HP
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