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The Middle East will become a major oil products exporting region largely through completion of the Satorp, Yasref, Jazan and Ruwais refineries through 2020, according to London-headquartered FACTS Global Energy (FGE).
However, the capacity surge is expected to be less sharp than official project schedules suggest, since FGE’s recent Middle East Refinery Additions report predicts delays on most refineries under development.
“These mega-complex refineries in the Middle East, which are designed to produce Euro IV and Euro V quality products, are expected to mainly target European markets,” says FGE, “competing with Asian, Russian and US refineries. This will further deteriorate European margins and put pressure on European refiners.” FGE says more than half of net products export increases from the Middle East by 2020 will be gasoil (+655,000 b/d), with a further 250,000 b/d of kero/jet and 150,000 b/d of gasoline. (CONTINUED - 624 WORDS)
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