Iran and Iraq to lead refinery capacity growth in the Middle East by 2023

Saudi Arabia, Iran, United Arab Emirates, Iraq and Turkey are the key sector players, accounting for over 76.6 per cent of the total refining capacity of the region in 2018.

GlobalData’s latest report on the Middle East refining industry has found that the region accounted for 10.3 per cent of the total global active refining capacity in 2018.

The report also found that refining capacity in the Middle East increased from 9,284 thousand barrels of oil per day (mbd) in 2013 to 10,646 mbd in 2018 at an average annual growth rate (AAGR) of 2.7 per cent. Looking ahead, the report found that refining capacity is expected to increase from 10,646 mbd in 2018 to 15,558 mbd by 2023 at an AAGR of 7.6 per cent.

Saudi Arabia, Iran, United Arab Emirates, Iraq and Turkey are the key sector players, accounting for over 76.6 per cent of the total refining capacity of the region in 2018.

Middle East refining industry, refining capacity market share vis-à-vis growth by key countries, 2013–2018

Source: Downstream Analytics, GlobalData Oil and Gas © GlobalData

Saudi Arabia

The total refining capacity of Saudi Arabia in 2018 was 2,835 mbd. Saudi Arabia’s contribution to the Middle East’s total refining capacity is 26.6 per cent. Jubail II, Yanbu II and Yanbu III are the major refineries in the country.

Iran and Iraq

Iran and Iraq are expected to drive refinery capacity growth in the Middle East’s refinery capacity from active, planned and announced projects during the outlook period 2019 to 2023, contributing around 60 per cent of the Middle East’s capacity additions. Iran’s refining capacity is also expected to increase from 2,237 mbd in 2018 to 3,775 mbd by 2023. Iraq’s capacity is expected to increase from 1,076 mbd in 2018 to 2,526 mbd by 2023.

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