China National Offshore Oil Corporation’s (CNOOC) oil refinery is seen in Huizhou, China’s southern Guangdong province July 28, 2009. Asia will post its biggest net refining capacity addition in three years in 2017, further boosting demand for crude in the world’s biggest and fastest growing oil consuming region. New and expanded refineries from China to India will offset closures in Japan, adding a net 450,000 barrels per day (bpd) of crude processing capacity in 2017, the highest since 2014, energy consultancy Wood Mackenzie says. The increase amounts to about an additional 1.5 percent of refining capacity on top of Asia’s total installed capacity of nearly 29 million bpd, Thomson Reuters Eikon data shows. “Heavy crude demand in particular is expected to rise in 2017 as more Asian facilities undergo upgrading and new … refineries come online,” said Sushant Gupta, WoodMac’s Asia research director for refining. The rise in capacity […]