In Pakistan, oil refinery production declined by a significant 14 per cent to only 1.8 million tons during the third quarter of 2010, due to the floods, which brought to a halt, some of the operations.
In the same quarter, oil refineries in Middle-East Asia too remained underutilized. Experts are of the opinion that, refinery run rates among the key Middle East refineries will remain subdued until at least the end of 2010.
Output rate of oil refineries in Taiwan, Japan and Korea is also likely to remain below the average of the last five years (Taiwan - 75%, S Korea - 84% and Japan - 78%), until at least the first quarter of 2011.
From 2004-2008, refineries in Japan, Korea and Taiwan witnessed a combined average production rate of 87%. However, over the past 12 months it has dropped to 78.5%.
Singapore's cracking margins too remained weak in the second half of 2010 and stood below US $1.55 / bbl and the average is expected to be $1.50 / bbl in the first half of 2011.
Further capacity additions in the Middle East, from where the next wave of projects, scheduled for 2014-2016 is at present under uncertainty. Deferrals and cancellations are expected to curtail the size of the next wave.
Market research analysts expect that between 2010 and 2020, China and India will add 6.16 mmb / day of CDU capacity, which would be more than 90% of the total net Asian capacity additions during the same time period.
Fibre2fashion News Desk - India
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