A new report by GlobalData, a data and analytics company has said that effort by Nigeria to revive its ailing refineries alongside other upcoming private refinery projects will place the country second in global refining capacity after China. The report said Nigeria is planning a massive refinery expansion to meet growing domestic demand for petroleum products and is expected to expand its crude distillation units (CDU) capacity by 2.003 million barrels per day bpd, at a cost of $57.6 billion. Also, Kuwait will add 615,000 bpd of CDU capacity by 2022, and is expected to spend $7.5 billion through 2022. According to the report, China will lead global refinery capacity expansion and investments with 3.12 million bpd additional refining capacity and $67.3 billion capital expenditure through 2022, GlobalData said. Total refining capacity in the world is expected to grow by 15.1 percent between 2018 and 2022, with global crude […]