The report titled “Southeast Asia Oil and Gas Downstream Market” has recently added by MarketInsightsReports to get a stronger and effective business outlook. It provides an in-depth analysis of different attributes of industries such as trends, policies, and clients operating in several regions. The qualitative and quantitative analysis techniques have been used by analysts to provide accurate and applicable data to the readers, business owners and industry experts.
The Southeast Asia Oil and Gas Downstream market is expected to register a CAGR of around 4.54%, during the forecast period 2021 to 2027.
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Top Companies in the Global Southeast Asia Oil and Gas Downstream Market: –Royal Dutch Shell PLC, Hyundai Engineering Co., PTT Public Company Limited, Perusahaan Gas Negara Tbk, Exxon Mobil Corporation, Vietnam Oil and Gas Group, Petroliam Nasional Berhad, PT Pertamina
Industry News and Developments:
– An increase in refining capacity is taking place in the region, with Singapore having the largest refining capacity in 2018. The countries in the region of Southeast Asia are heavily dependent upon the imports of natural gas and oil. Refining the oil and natural gas is expected to reduce the additional amount paid to the refiners abroad.
– Countries in the region are eagerly finding and trying to produce the oil and natural gas reserves. It can become an opportunity for many of the refineries as the cost of importing would reduce.
– The Vietnamese downstream indsutry is expected to substantially grow in the forecast period. Increasing consumption in the country is a major reason for the growth in the sector. Constrcution and expansion of refinieries are, also, taking place which is expected to provide boost to the growth in the market.
Factors, such as increasing demand for oil and natural gas and increasing foreign direct investment are expected to boost the need for the Southeast Asian oil and gas downstream market during the forecast period. However, with the advent of reliable and cheaper renewable energy, more investment may not be focused upon refineries.
Key Market Trends
Refining Capacity to Witness Growth
– The refining capacity in the region increased by 4.18% to 5,128 thousand barrels daily, in 2018 to 4,922 thousand barrels daily, in 2017. The total primary energy demand of Southeast Asia, in 2018, was met 379 million ton of oil equivalent (Mtoe) with oil and gas. Oil and gas is expected to further meet the demand with an increase to 459 Mtoe in 2025.
– In 2019, new expansion projects were taking place in the region like, Hyundai Engineering won a 273 million USD EPC contract from Bangchak Corporation for a refinery expansion in Thailand, Samsung Engineering was awarded a USD 790 million EPC contract from PTT Global Chemical. In Malaysia, Jacobs Engineering Group won two contracts from Hyundai Engineering to…