Africa and Asia expected to drive a boom in refining capacity
The outlook found Africa and the Asia-Pacific region would account for 95% of total refining growth.
Africa and Asia are projected to witness a significant surge in global oil refining capacity by 2030, according to new analysis. Countries in these regions aim to meet growing demand, decrease dependence on imports, and boost exports, leading to a turnaround in refining trends after years of limited additions and closures. BloombergNEF's projections suggest that Africa and the Asia-Pacific region would collectively account for 95% of total refining growth, with half of the increase already underway.
Half of the expected capacity additions in 2026 and 2027 will come from China and India, while Africa is anticipated to add the equivalent of half its existing refining capacity by 2030, primarily driven by Nigeria's Dangote refinery expansion. In contrast, regions such as Europe and the US are expected to face further closures in the refining sector.
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