Refining Capacity In Africa Expected To Increase 55% By 2024 – GlobalData 

– Agence Ecofin 

According to a recent report published by GlobalData, Africa will see its refining potential grow by 55% in the next four years. The countries which will carry this growth are none other than Nigeria, Algeria and Egypt.

UK global economic performance analyst GlobalData recently released a report titled Refining Industry Outlook in Africa to 2024 , which finds refining capacity in Africa expected to increase by around 55% by 2024. The processing capacity will thus increase from 3.7 million barrels per day in 2020 to 5.8 million barrels per day in 2024.

The report predicts that Nigeria will play an important role in this progress by contributing 71% to growth, 1.5 million barrels per day more than the country’s current refining capacity.

“Nigeria will drive the growth of refining capacity in Africa, mainly through new construction projects. The capacity additions come mainly from the Lagos I project, one of the largest upcoming oil refineries in the world, with a capacity of 0.7 million barrels per day. Together with Akwa Ibom III and Mashi, these three projects constitute the main refineries, which will add value to the country’s refining capacity by 2024, ” commented Amareswari Kanaparthi, oil and gas analyst at GlobalData.

Apart from Nigeria, Algeria will also make it possible to increase the refining capacity of the African continent to the tune of 15% over the next four years, placing the country in second place in this field. This will be possible thanks to three Hassi Messaoud III refineries, Biskra and Tiaret, which will have a capacity of 110,000 barrels per day for the first and 100,000 barrels per day for each of the other two.

Also according to GlobalData, Egypt will be the third country adding around 100,000 barrels per day to refining capacity during the same period, thanks to the Assiut II refinery, and the expansion of refineries in Alexandria and Mostorod II.