Mideast set to emerge as major oil product exporters - The Peninsula Qatar:
The Middle East has been actively building refineries, not only to displace product imports, but to become a net refined product exporter.
In the Middle East, the willingness to increase the vertical integration of national oil companies (NOCs) and to diversify oil revenue streams are important factors in the drive to increase refining capacity. Several Middle Eastern NOCs are also involved in overseas projects, predominantly in the growing Asian markets.
International Energy Agency (IEA) noted in its “World Energy Investment 2018” report that global investments in oil refining rebounded by 10 percent in 2017 and are set to rise by another 40 percent in 2018 to about $90bn, driven by rising demand in the emerging economies and improved profitability. The bulk of investments continue to go to construction of new units in these regions either with strong demand growth perspective or oil industry diversification objectives.
No comments:
Post a Comment