China’s carbon-neutrality ambition is likely to result in declining fuel demand in the 2040s
Energy transition to transform Asian refining
The move away from fossil fuels will cap refinery capacity expansion in Asia-Pacific, but petrochemical demand gives the sector options
Asia-Pacific’s refining capacity growth is set to slow in the long term as the region’s energy transition displaces demand for traditional fuels and as decarbonisation moves up government policy agendas, according to market participants at the Asian Refining and Petrochemicals Summit. Three long-term trends are driving the outlook for refined product demand in Asia-Pacific that have implications for refining in the region, Harry Ubhi, head of business development and origination at the trading arm of Italy’s Eni, told the conference in mid-March. In large emerging economies such as India and Indonesia, a rapidly growing middle class will support robust transport fuel demand growth into the 2
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