BAKU, Azerbaijan, March 6
By Leman Zeynalova – Trend:
Iran is expected to lead the Middle East refining industry by contributing around 31 percent of refining capacity additions from planned and announced (new-build) projects by 2024, Trend reports citing GlobalData, a leading data, and analytics company.
The company said in its report that Iran is expected to add around one million barrels per day (mmbd) of refining capacity, entirely from planned projects with identified development plans by 2024.
Adithya Rekha, Oil and Gas Analyst at GlobalData, noted that 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 million barrels per day,” said the analyst.
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 barrels per day (mbd) of refining capacity by 2024. Karbala, Maysan, and Kirkuk III are the major upcoming projects in Iraq with refining capacities of 150 million barrels per day each,” said the report.
Kuwait is the third largest country in the Middle East with entire capacity additions expected from the planned Al-Zour refinery project, according to GlobalData.
Al-Zour is likely to start operations in 2020 with a refining capacity of 615 million barrels per day, said the company.
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