Gulf Refining Activity Slowing After Completion Of Three Mega-Projects

Three new refineries are adding 1.2mn b/d to Gulf CDU capacity. But projects in their wake are under pressure from tighter financing and regional conflicts.

Two 400,000 b/d Saudi Aramco joint venture refineries buoyed Saudi crude processing to a record 2.22mn b/d in December. The Aramco/Total Satorp plant was completed in mid-2014 and the Aramco/Sinopec Yasref plant is building crude runs after starting up in fourth quarter 2014.

The refineries take Saudi crude processing capacity to 2.91mn b/d and are enabling a hike in non-crude exports: gross product exports reached 1.05mn b/d in December. Yasref exported its first cargo in mid-January – 300,000 barrels of diesel. The plant has since exported gasoline and this week 49,000 tons of petroleum coke.


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