REGIONAL

 

Gulf Refiners Plan 1Mn B/D Additions By End-2014

 

Gulf refiners expect to complete more than 1mn b/d of new capacity this year, taking total Middle East crude distillation capacity to 9.5mn b/d. The current Gulf refinery construction boom reflects government strategies to squeeze added value from crude resources, which is adding to financial pressures in the global refining industry. OPEC sees a global refining capacity overhang of 4mn b/d by 2018, bringing closures...