OPEC refining capacity to expand 2 mb/d by 2015

OPEC estimates show that OPEC refining capacity will expand by more than 2 mb/d by 2015. This includes around 1.5 mb/d of additional distillation capacity and another 0.6 mb/d capacity in condensate plants within the national borders, thus passing 10 mb/d of downstream capacity by 2015. Moreover, substantial investments are on the way as part of equity shares in refineries outside national borders.

The cumulative investment required for the realization of projected downstream capacity in OPEC Member Countries until 2015 is estimated at around $40 billion. This is part of OPEC’s ongoing efforts to support market stability by supplying required products to consumers. The larger part of this investment is expected to take place in the period after 2011 and is related to major projects coming on stream towards the end of the forecast period.