Additional refining capacity in OPEC Member Countries will come from new ‘grassroots’ projects, supplemented by expansions at existing facilities. The largest new refineries are expected to come on stream in Saudi Arabia and the UAE, with several expansion projects under construction in other countries. The single largest refinery worldwide that started its operations in 2013 was a joint venture of Saudi Aramco and Total which partnered for the 400,000 b/d refinery in Jubail, Saudi Arabia. This project led a series of new grassroots refineries in the Middle East. The next addition will be in Yanbu, Saudi Arabia as a joint venture of Saudi Aramco and Sinopec which is also designed for an operational capacity of 400,000 b/d targeting primarily ultra-low sulphur diesel and gasoline as final products. Early 2015, an expansion of the Abu Dhabi Oil Refining Company’s (Takreer) existing facility in Ruwais, UAE, is expected to be fully operational. This will put on-stream another 417,000 b/d of distillation capacity in the region. Other large projects include new refineries in Lobito, Angola, Tiaret, Algeria, Manabi (Refinery del Pacifico), Ecuador, Fujairah, UAE, Jazan Industrial City, Saudi Arabia and El Palito, Venezuela, among others.
The cumulative investment required for the realization of these projects to 2018 is estimated at around $60 billion. This is part of OPEC’s ongoing efforts to support market stability by supplying required products to consumers.
Editor in Chief