A new report by GlobalData, a data and analytics company has said that efforts by Nigeria to revive its ailing refineries alongside other upcoming private refinery projects will place the country second in global refining capacity after China.
The report said Nigeria is planning a massive refinery expansion to meet growing domestic demand for petroleum products and is expected to expand its crude distillation units (CDU) capacity by 2.003 million barrels per day bpd, at a cost of $57.6 billion. According to the report, China will lead global refinery capacity expansion and investments with 3.12 million bpd additional refining capacity and $67.3 billion capital expenditure through 2022, GlobalData said.
Total refining capacity in the world is expected to grow by 15.1 percent between 2018 and 2022, with global crude distillation units (CDU) capacity expected to hit 117 million bpd by 2022, GlobalData said in its report. Among individual countries, China is the leader, with ten new-build refineries expected to come on line by 2022, followed by Nigeria and Kuwait. The top ten also includes Iraq, Iran, Turkey, Brunei, Indonesia, the Philippines, and Saudi Arabia, GlobalData’s report shows.