A data and analytics firm, GlobalData, has predicted that the African continent will occupy second place in terms of global refinery fluid catalytic cracking units’ (FCCU) capacity additions by 2024, whereas in the continent, Nigeria accounts for the majority of the 247 mbd capacity added.
In the report published by Oil Review Africa, GlobalData said that with total capacity additions of 323 mbd by 2024, the region is expected to contribute around 27% of global FCCU capacity growth. In a report released on Tuesday, GlobalData said Asia is expected to lead capacity growth of the global refinery fluid catalytic cracking units (FCCU), contributing approximately 45% of global capacity growth by 2024. The region will likely add 542,000 barrels of FCCU capacity per day (mbd) by 2024.
The GlobalData’s report titled, ‘Global Refinery Fluid Catalytic Cracking Units (FCCU) Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Fluid Catalytic Cracking Units’, reveals that the global capacity of FCCU is expected to increase by 1.2 million barrels per day (mmbd), from 21.2 mmbd in 2020 to around 22.4 mmbd in 2024.
“Of the total capacity additions, 1.0 mmbd is expected to come from new-build planned and announced projects while the remaining 0.2 mmbd is likely to come from the expansions of active projects,” the report said.
Oil and gas analyst at GlobalData, Haseeb Ahmed, commented, “Of Asia’s total FCCU capacity additions of 542 mbd by 2024, 151 mbd is likely from active expansion projects while new-build projects are expected to contribute the rest of about 391 mbd by 2024.
In the region, China accounts for most of the capacity additions with a combined total of nearly 481 mbd by 2024.”
By Chibisi Ohakah, Abuja