SEPTEMBER, 20208 A 6 YEAR WINDOW OF OPPORTUNITY FOR REFINERY EQUIPMENT AND MRO SERVICE PROVIDERSINTRODUCTIONThe global refining capacity is set to expand from 98.2 million barrels per day (mb/d) in 2017 to 105.6 mb/d in 2023. This translates to an addition of 7.4 mb/d day capacity addition during the period 2017 to 2023. At that level, the refining capacity should be sufficient to meet the entire projected requirement of product demand for the next 15 to 20 years. Hence, it becomes important that new equipment and service providers take note of this 6 year window of opportunity. Maintenance, Repair, and Overhaul (MRO) service providers can look forward to a stable growing market.Exhibit 1: Refining Capacity and Refined Product Demand, Global, 2013 - 2023Subbu BettadapuraBY SUBBU BETTADAPURA, SR. DIRECTOR-CONSULTING, ENERGY & ENVIRONMENT PRACTICE, FROST & SULLIVANIN MY OPINION
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