Three new refineries are adding 1.2mn b/d to Gulf CDU capacity. But projects in their wake are under pressure from tighter financing and regional conflicts.
Two 400,000 b/d Saudi Aramco joint venture refineries buoyed Saudi crude processing to a record 2.22mn b/d in December. The Aramco/Total Satorp plant was completed in mid-2014 and the Aramco/Sinopec Yasref plant is building crude runs after starting up in fourth quarter 2014.
The refineries take Saudi crude processing...