The "Global Oil Refining Market Growth, Trends, and Forecast (2018 2023)" report has been added to ResearchAndMarkets.com's offering.
The demand for energy is growing in the emerging countries. These countries are also heavily dependent on oil.
Energy demand in emerging countries, like India and China is growing at a substantial rate owing to industrialization, growing population, and urbanization. But these countries do not have enough infrastructures for distribution of gas and generating renewable energy to meet the growing demands. Therefore emerging countries are expected to remain heavily dependent on oil to meet the demands.
Europe is moving towards gas and renewable energy to meet the energy needs, which is constraining the oil demand in the region. The regulation put in place by European Union, and national governments are expected to reduce the refined oil demand in the region further. For example, the new cap will be put in action after 2020 on the sulfur content of marine fuel, which is expected to reduce the demand for oil in the marine industry. With low oil demands, many refineries in the region are unable to find buyers.
Nigeria has a nameplate capacity of 445,000 bpd, largest in West Africa and fourth largest in Africa. But the refining facilities are very old; suffer from lack of maintenance and inconsistent feedstock. As a result, country's 80% of the downstream product requirement is fulfilled by the imports. The government of Nigeria plans to process all the domestic refined product consumption locally by 2019. In order to improve the downstream industry production, and reduce the dependence on imports, Nigeria's Department of Petroleum Resources (DPR) and state-owned Nigerian National Petroleum Corporation (NNPC) have opened their door to private international and local investors.
Companies Mentioned
- Exxon Mobil Corporation
- Shell
- China Petroleum Chemical Corporation
- BP p.l.c.
- Saudi Arabian Oil Co.
- Valero Energy Corporation
- SAC Petrobras
- China National Petroleum Corporation
- Chevron Corporation
- Phillips 66 Company
- Total S. A
Key Topics Covered:
1. Executive Summary
2. Research Methodology
3. Market Overview
4. Market Dynamics
5. Value Chain Analysis
6. Industry Attractiveness Porter's Five Forces Analysis
7. Regional Market Analysis
8. Key Company Analysis
9. Competitive Landscape
10. Disclaimer
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Related Topics: Oil
