Global refining capital expenditure is forecast to reach approximately US$333 billion between 2014 and 2020, driven largely by new projects across China and the Middle East.
A recent study by research firm Global Data found that Asia will account for 46% of downstream capex during the period, while the Middle East will provide 22%. Testament to the planned construction of large integrated refining and petrochemical complexes that lead to more efficient grass-root refineries, such as cracking and coking facilities, refining expenditures in the Middle East and Asia are forecast to represent a combined 70% share of the world’s total spending.
With this trend set to continue, Oman is stepping up efforts to capitalize on its hydrocarbons wealth, boosting downstream industrial capacity by expanding the petrochemicals sector and providing the fuel stocks needed to power other industries, thus reducing its reliance on imports.
It is an incredibly exciting time for Oman’s downstream industry. New expansion projects are under way and due to come online between 2016 and 2020 that will see Oman invest $33 billion capital expenditure to create a locally balanced and integrated downstream business model.
The inaugural Oman Refining and Petrochemicals Conference will deliver project updates from the Sohar refinery expansion project, Duqm integrated complex, Liwa plastics project as well as present midstream developments and investment opportunities within the Sultanate. Furthermore, the conference will bring together leading technology providers to share the latest innovative solutions for reducing bottom line margins and maximizing yields.
Don’t miss your chance to hear from 20+ industry executives as they share expert insight into Oman’s exciting downstream expansion.