Market Trends of North Africa Refined Petroleum Products Industry
This section covers the major market trends shaping the North Africa Refined Petroleum Products Market according to our research experts:
Middle Distillates to Dominate the Market
- Middle distillate refers to oil refined products situated between lighter fuel like gasoline and heavier fuels like fuel oil. It mainly comprises of jet fuel, kerosene, diesel, and others.
- In 2018, Algeria increased the refining throughput capacity to 598 thousand barrels per day. With increased throughput, the production of refined petroleum products is expected to grow significantly.
- The upgradation project of Mostorod refinery is expected to complete during the forecast period. It is expected that the refinery will be able to produce 2.3 million tons of diesel, 600,000 tons of jet fuel, and 522,000 tons of gasoline, in addition to butane gas and naphtha.
- Egypt's diesel consumption increased by 10% year-on-year in February 2019, recording 1.118 million tons, compared to 1.016 million tons consumed in February 2018, increasing the demand for refined products significantly.
- With the growing demand in the transportation sector, power generation in different industries, the need for middle distillates is expected to grow further to dominate the market in the forecast period.
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Egypt to Dominate the Market
- In 2018, Egypt exported 6.9 million barrels of hydrocarbon gas liquids. 286 thousand barrels of asphalt and road oil, 93 thousand barrels of lubricants, and 155 thousand barrels of distillate fuel oil.
- In 2018, Egypt was one of the leading crude oil producers and had the highest refining capacity of 795 thousand barrels per day in the North Africa region.
- In February 2020, Egypt signed a contract for the construction of a hydrocracking complex in Assiut, the largest oil refining project to be implemented in Upper Egypt, with an investment of USD 2.5 billion.
- In July 2019, Egypt implemented seven refinery projects, with USD 8.03 billion in investments to increase the refining capacity and efficiency of petroleum derivatives production.
- With one-fifth of oil product consumption in Africa and increasing investment in refining projects, Egypt is expected to dominate the market in the forecast period.
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