Nigeria is expected to drive the refinery capacity growth in Africa by 2024, contributing around 71% of the region’s total growth.
The country is likely to add 1.5 million barrels per day (mmbd) of refinery capacity by 2024, according to GlobalData.
The data and analytics company report Refining Industry Outlook in Africa to 2024 revealed that refining capacity in Africa was expected to increase by around 55% from 3.7 mmbd in 2020 to 5.8 mmbd by 2024.
Of the total capacity additions in the region, 2 mmbd is expected to come from planned projects, while the remaining 0.1 mmbd is likely to come from the expansions of active/operational projects.
Amareswari Kanaparthi, oil and gas analyst at GlobalData, said: “Nigeria will drive the refinery capacity growth in Africa mostly through new-build projects. The capacity additions is mainly from the planned Lagos I project - one of the biggest upcoming oil refineries in the world with a capacity of 0.7 mmbd. Along with Lagos I, Akwa Ibom III and Mashi are the major refineries, accounting for most of the capacity additions in the country, with a combined total of 1 mmbd by 2024.”
Algeria is expected to occupy second place in terms of refinery capacity additions in Africa by 2024.
Algeria is expected to contribute roughly 15% of Africa’s capacity growth, adding around 310 thousand barrels per day (mbd) of capacity.
The entire capacity additions in the country are from the three planned refineries - Hassi Messaoud III, Biskra and Tiaret. Hassi Messaoud III has a capacity of 110 mbd, while each of the Biskra and Tiaret refineries contribute approximately 100 mbd each.
Kanaparthi concluded: “Egypt will be the third-highest country in Africa to add roughly 120 mbd by 2024 from a planned project, Assiut II refinery, and expansions of the Alexandria and the Mostorod II refineries.”
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