The rise in oil demand is driving Asian countries to secure their future energy needs by expanding and acquiring new oil and gas production and refining assets worldwide.
Online PR News – 25-March-2010 – – The rise in oil demand is driving Asian countries to secure their future energy needs by expanding and acquiring new oil and gas production and refining assets worldwide. In addition to procuring for the country’s energy needs, National Oil Companies (NOCs) of China and India also want to increase their trade value on finished petroleum products. The net finished petroleum products’ exports from Asia (mainly of China and India) to North America and Europe were 750,000 barrels per day (bpd) and these exports will reach 1 million bpd by end of 2010. It is estimated that approximately 26% of these exports were to the US. Hence, the US refining industry is facing intense competition due to rising exports from India and China. The recession-hit US refineries are already witnessing declining margins due to idling and surplus capacity. In addition, Iran’s plans to develop five oil and gas refineries will affect the US refining industry. Abu Dhabi's International Petroleum Investment Company (IPIC) and Oman Oil Company (OOC) also proposed to develop a refinery and petrochemical complex in November 2009 at Duqm, Oman. The increase in refinery infrastructure in Asia and Middle East will lead to surplus capacity and decline in refining margins. The ailing US refining industry faces a new threat from the expansion of the oil storage terminal on the island of Grand Bahama. Borco, the Bahamian terminal, will add 6 million barrels in light fuel storage tanks by the end of 2011.
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