NEWS： Asian gasoline market will plunge into surplus
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According to the company's estimates and two industry sources, gasoline supply will increase by about 235,000 barrels a day just as three new refineries in Malaysia and China are fully operational.
These refineries aim to maximize naphtha production for use in the manufacture of petrochemical products.
By focusing on naphtha, these refineries will also produce a wave of gasoline at the same time, and the current market is facing increased inventories, declining demand and negative gasoline profit margins.
Michael Dei-Michei, research director at JBC Energy, a consultancy, said: "There will be a lot of gasoline or naphtha refining capacity in eastern Suez this year."
"Therefore, we expect gas supply growth to exceed demand growth in 2019, with an average surplus of about 200,000 barrels per day," Dei-Michei said, adding that the Asian gasoline market is shifting from a basic balance to oversupply, at least next year.
According to its website, Petronas of Malaysia and Amy of Saudi Arabia have started trial operation of their 300,000 barrels/day RAPID refinery this month, which will produce 98,000 barrels/day of gasoline.
please contact sales@tanchin.hk for any inquiry
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