Over 20 refineries in Europe & OECD could close by '25

More than 20 refineries with a capacity of 6.5 million barrels per day could close by 2025 in Europe and some OECD countries, Kuwait Petroleum International (KPI) President Bakheet Al-Rashidi said on Tuesday.

Speaking at the 22nd World Petroleum Congress in Istanbul, of which Anadolu Agency is the global communication partner, "more than 20 refineries will face the challenge of closure with a total capacity of around 6.5 million barrels per day by 2025 in Europe and other OECD countries mainly in Asia Pacific to meet environmental regulations," Al-Rashidi said.

Refinery throughput growth slowed from 1.8 million barrels of oil per day in 2015 to 0.6 million barrels of oil per day last year, according to BP's latest report.

Demand for oil increased by around 1.6 million barrels per day in 2015 and 2016, he said.

Al-Rashidi also said that in the near future, China and India would count for more than 75 percent of Asian oil demand growth, equivalent to about 45 percent of the global demand increase.

Al-Rashidi said that new refinery projects would continue to grow from West to East.

"Asia and the Middle East will construct refineries. From now until 2040 worldwide refining capacity will reach 110 million barrels per day - this is an additional 30 million barrels per day," the president said.

"The expected increase would be mainly from Asia of around 9 million barrels per day in refining capacity and the Middle East with 3.3 million barrels per day," he added.

There are currently 52 refineries in the Middle East with a total capacity of 9 million barrels per day, according to Al-Rashidi.

"By 2019 Saudi Arabia will have added around 1.2 million barrels per day," he concluded.