Energy & Science
Six Reasons Asia's Oil Refiners Aren't Going Away Anytime Soon
- As U.S. refiners shut plants, Asian rivals build new ones
- Oil plants see demand for vehicle fuels, plastics for decades
This article is for subscribers only.
Predictions of peak oil and the impending demise of fossil fuels will hit Asian oil refiners especially hard. The region is home to three of the top four oil-guzzling nations, and more than a third of global crude processing capacity. Yet, Asian refiners are expanding at a breakneck pace, even building massive new plants designed to run for at least half a century.
What is going on?