Iran to contribute 31% of Middle East refinery capacity additions

Petrotahlil - Iran is expected to lead the Middle East refining industry by contributing around 31% of refining capacity additions from planned and announced (new-build) projects by 2024, says GlobalData.

The company’s report, ‘Global Refining Industry Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Refineries’, reveals that Iran is expected to add around 1 million bpd of refining capacity, entirely from planned projects with identified development plans by 2024.

Adithya Rekha, Oil and Gas Analyst at GlobalData, comments: “In Iran, a total of six upcoming refineries are expected to start operations between 2020 and 2024. The Siraf refinery, which is likely to begin operations in 2023, is the major upcoming project in the country with a refining capacity of 360 000 bpd.”

GlobalData expects Iraq to be the second largest country in the Middle East in terms of planned and announced refining capacity additions. The country is expected to add 730 000 bpd of refining capacity by 2024. Karbala, Maysan, and Kirkuk III are the major upcoming projects in Iraq with refining capacities of 150 000 bpd each.

Kuwait is the third largest country in the Middle East with entire capacity additions expected from the planned Al-Zour refinery project. Al-Zour is likely to start operations in 2020 with a refining capacity of 615 000 bpd.

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