GCC oil refining capacity projected to reach 6.3 mln bpd by 2010

Chemical News: GCC oil refining capacity projected to reach 6.3 mln bpd by 2010

https://www.chemnet.com Oct 09,2007 Xinhua
ABU DHABI, Oct. 8 (Xinhua) -- The total oil refining capacity of the six members of the Gulf Cooperation Council (GCC) is projected to reach 6.3 million barrels per day (bpd) by 2010, local newspaper Gulf News reported on Monday.

According to a report released by the Abu Dhabi-based Emirates Industrial Bank (EIB), the addition of new refineries and increase in the production capacity of existing refineries will contribute to a surge of 45.5 percent in GCC's total refining capacity to 6.3 million bpd by 2010, compared with 4.33 million bpd in 2005, the paper said.

"The potential increase is a result of four new refineries planned in Kuwait, Saudi Arabia, Qatar and Oman, as well as of renovating old refineries and increasing their production capacity in the UAE (United Arab Emirates) and Kuwait," the EIB's report said.

There are 20 refineries in GCC, whose capacity account for only five percent of the world's overall refining capacity of 85.4 million bpd, while the bloc constitutes around 19 percent of the world's oil production, according to the report.

Established in 1981, GCC is a regional political and economic alliance aimed at enhancing cooperation among its six member states, including Saudi Arabia, the UAE, Kuwait, Bahrain, Qatar and Oman.

Print | add to Favorites | Close