Sinopec Group has announced that it sees the potential for refining capacity in china to increase by 50% by 2015. China will have the capacity to process 507.5 million tpy by the end of this year and that is expected to rise to 750 million tpy by the end of 2015. Sinopec expect this to happen as the country tries to meet rising demand for refined products in the world’s fastest growing country.
Chennai Petroleum Corporation Limited (CPCL) has announced plans to increase its refining capacity. The Indian Oil Corporation owned company intents on spending Rs 10 000 crore on a 6 million t expansion. The total capacity of the CPCL refinery will be approximately 16 million tpy once the expansion is complete.
Pertamina has also announced plans to increase crude production. The Indonesian company hopes to increase production from 432 000 bpd to 1 million bpd by 2015. The company is also hoping to increase its refinery capacity by 500 000 bpd to 1.5 million bpd by the end of this year. The crude production capacity increase will be largely achieved via acquisitions.
On May 20th, due to the riots in Bangkok, PTT, asked crude suppliers to cut off all deliveries to the PTT owned refinery in the city for 24 hours. Due to this request, oilfields supplying the refinery are reported to have cut production that day and the following few.
BP Migas are constructing the world’s biggest floating oil and gas refinery. The Masela gas and oil refinery will be located in the Timor Sea near the Masela Block at a cost of US$ 9 billion. LNG production at the facility will begin in 2016 at a predicted rate of 4.5 million tpy.
On 24th May 2010, Technip handed over the Dung Quat refinery, Quang Ngai to PetroVietnam. Technip is now acting solely as contractor and will deal with technical problems under a two year guarantee. Vietnam’s first refinery is expected to process 5 million tpy of crude in 2010.